Gold Price Forecast: XAU/USD pressured as US dollar catches eyes on test of 110 DXY – by fx_ross Gold Commodities DollarIndex Fed
The price could be headed for a test of the $1,700 level in the coming sessions.is attempting to correct higher but has come up against a strong US dollar for the start of the week that follows Friday's mixed US labour report. At the time of writing, gold is losing highs of $1,712.66 and printing a low of $1,707.79. Meanwhile, the US dollar has captured the market's attention with the index, that measures the greenback vs. a basket of currencies, rallying to a new bull cycle high of 110.
This environment has been weighing on the gold price and analysts at TD Securities argued that ''with every tick lower in gold prices, we continue to see odds of a major capitulation event growing, which could coincide with a break below a multi-decade uptrend in the yellow metal near $1675/oz.''
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