Gold Price (XAU/USD) marks an unimpressive start of the trading week around $1,890, after declining in the last four consecutive weeks. In doing so, t
he Gold Price licks its wounds at the lowest level since March while struggling to gain traction amid the market’s cautious mood ahead of this week’s top-tier data/events. That said, the firmer US Dollar, however, exerts downside pressure on the XAU/USD even if the technicalsignals a corrective bounce in the prices.
Talking about China catalysts, the nation’s second-large realtor, as well as the world's most heavily indebted property developer, Evergrande filed for protection from creditors in a US bankruptcy court on Thursday. The shockwave renewed market fears of 2021 pessimism when the same realtor defaulted on bond payments and shock equities.
However, the falling wedge bullish chart formation joins oversold conditions of the Relative Strength Index line, placed at 14, to suggest bottom-picking of the XAU/USD, which in turn suggests a corrective bounce in prices.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
XAU/USD Price Forecast: Is the Tide Turning for Gold?Gold prices looks to a big data week that includes the Jackson Hole Economic Symposium as XAU/USD bulls look to find some respite.
Read more »
FORECAST: A dry weekend...finally!Here's your full Power of 5 Weather Forecast for Northeast Ohio, including Cleveland, Akron, Mansfield, Canton, Wooster and Sandusky
Read more »
MLB has rescheduled 3 Sunday games due to Hurricane Hilary forecastThe games scheduled for Sunday will now be played as part of split doubleheaders on Saturday.
Read more »