Gold Price Forecast: XAU/USD drops back below 1,770$ | Financial Global News

Gold (XAU/USD) consolidates the previous day’s recovery moves to refresh intraday low with $1,767, down 0.20% on a day, during early Thursday. The quarter-end positioning and downbeat US Treasury yields seemed to have triggered the gold’s corrective pullback on Wednesday. However, the escalating coronavirus (COVID-19) fears put a safe-haven bid under the US dollar, weighing on the gold in turn.



After Australia, Indonesia also announces the activity restrictions, a national one from July 02 till 20th of the month, amid surging virus numbers. Further, the UK also reported the highest infections of 2021.

On the other hand, Japan’s Tankan manufacturing data cite underlying weakness in activities despite upbeat top-line figures. The same dim market’s optimism and weigh on the gold prices.

That said, the US 10-year Treasury yield drops 2.1 basis points (bps) to 1.465% by the press time while the US dollar index (DXY) rises for the fourth consecutive day to print 0.05% intraday gains around 92.40. Even so, S&P 500 Futures remain mildly bid amid Thursday’s Asian session.


so the time you can prepare you profit area for buy or sell on XAU/USD. For more information link :https://www.fxstreet.com/news/gold-price-forecast-xau-usd-extends-recovery-beyond-1-770-202106301741