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1 Feb 2022

Gold Price Forecast: XAU/USD loses momentum after being unable to break $1810

  • US dollar stabilizes during the American session, DXY trims losses.
  • XAU/USD fails to breaks $1810, remains above $1800.

Gold peaked on European hours at $1809 and then lost strength. It pulled back following the release of US economic data to $1797 and then rose back above $1800. XAU/USD is moving sideways on American hours, capped by $1810 while holding above $1800.

The dollar recovers some strength amid rising US bond yields that rebounded from weekly lows. The DAY is falling for the second day in a row and it stands around 96.50, down 0.18% off lows. The combination of a rebound in yields and also in the DXY weakened XAU/USD that is still in positive ground for the day.

Short-term outlook

Gold’s price recovery found resistance at $1809 and pulled back. If XAU/USD fails to break the $1810 area, the upside would remain limited and a break higher could clear the way for a rally initially to the 20-day moving average at $1816; above the next key barrier is the $1830 area.

A slide back under $1800 would increase the bearish pressure. A daily close under $1790 is needed to suggest more losses ahead. Key support levels are seen at $1780 and $1770.

Technical levels

 

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