empty
03.05.2021 02:47 PM
XAU/USD climbs to fresh session tops, around $1,780 region
  • Gold pushes higher after closing in the negative territory last week.
  • A break above $1,783 could open the door for additional gains.
  • Initial support for XAU/USD is located at $1,775.

This image is no longer relevant

The XAU/USD pair suffered heavy losses on surging US Treasury bond yields last Thursday and closed the week in the negative territory. With the greenback struggling to find demand on Monday, the pair turned north and was last seen gaining 0.45% on a daily basis at $1,780.

Gold pushes higher after closing in the negative territory last week. A break above $1,783 could open the door for additional gains. Initial support for XAU/USD is located at $1,775. Meanwhile, the upside is likely to remain capped amid the underlying bullish sentiment in the financial markets, which tends to undermine the safe-haven XAU/USD. Investors might also refrain from placing aggressive bets ahead of the Fed Chair Jerome Powell's scheduled speech later this Monday.

From a technical perspective, Gold has more room on the upside before becoming technically oversold. $1,783 (Fibonacci 23.6% retracement of the latest uptrend) aligs as the initial hurdle ahead of $1,790 (static resistance and $1,800 psychological level. Supports, on the other hand, are located at $1,751 (Fibonacci 38.2% retracement), $1,738 (Fibonacci 50% retracement) .

Jan Novotny,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Forex forecast 07/05/2025: EUR/USD, USDX, SP500, Gold and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 11:04 2025-05-07 UTC+2

EUR/USD – May 7th: Bulls Are Reversing the Trend

On Tuesday, the EUR/USD pair reversed in favor of the euro and rose to the resistance zone of 1.1374–1.1383. A rebound from this zone triggered a decline in favor

Samir Klishi 10:56 2025-05-07 UTC+2

GBP/USD – May 7th: Global Uncertainty and the FOMC

On the hourly chart, the GBP/USD pair on Tuesday reversed in favor of the British pound and closed above the resistance zone of 1.3344–1.3357. Therefore, a rebound from this zone

Samir Klishi 10:52 2025-05-07 UTC+2

Technical Analysis of Intraday Price Movement Natural Gas Commodity Instrument, Wednesday May 07, 2025.

On the 4-hour chart, the Natural Gas commodity instrument appears to have a bearish 123 pattern followed by a bearish Ross Hook (RH) plus confirmation that the price movement

Arief Makmur 07:43 2025-05-07 UTC+2

Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday May 07, 2025.

If we look at the 4-hour chart of the AUD/JPY cross currency pair, we will see a Descending Broadening Wedge pattern where this pattern gives an indication that

Arief Makmur 07:43 2025-05-07 UTC+2

Trading Signals for EUR/USD for May 6-8, 2025: sell below 1.1370 (200 EMA - 6/8 Murray)

Technically, the euro is exhausted. So, the bearish outlook could remain valid as long as ER/USD settles below 1.1370. It could then reach the 200 EMA located at 1.08

Dimitrios Zappas 17:50 2025-05-06 UTC+2

Trading Signals for GOLD (XAU/USD) for May 6-8, 2025: sell below $3,405 (21 SMA - 8/8 Murray)

Early in the American session, gold is trading around 3,381, retreating after reaching a high around 3,397. Gold as a safe-haven asset is nervous due to geopolitical tensions around

Dimitrios Zappas 17:49 2025-05-06 UTC+2

Forex forecast 06/05/2025: EUR/USD, GBP/USD, Gold, Oil, SP500, NASDAQ and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 11:16 2025-05-06 UTC+2

EUR/USD. May 6th. Bears Did All They Could

On Monday, the EUR/USD pair made a new reversal in favor of the U.S. dollar, but this time the decline was even weaker. For most of last week, bears launched

Samir Klishi 10:30 2025-05-06 UTC+2

GBP/USD. May 6th. China Got What It Deserved

On the hourly chart, the GBP/USD pair continued to trade sideways on Monday. The sideways movement began last week when a series of important reports were released in the U.S

Samir Klishi 10:25 2025-05-06 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.