XAU/USD Gold Price Forecast: Can $2,345 Hold?
The gold market was trading higher in the Asian market session today following the public holiday in America yesterday.The "Recovery" momentum of the American dollar and the strengthening of American treasury bonds are seen to affect the demand for gold prices in the New York session today.However, several Fed committee members are still scheduled to hold a conference tonight until tomorrow.In addition, the data report "Initial Jobless Claims and the American PMI is seen to also be the focus of gold market players.If the employment data report tonight gives a "dovish" indication, gold is seen to be able to be traded to a higher level.Technical AnalysisBased on the daily chart, the price level of $2,345 is seen to be the main obstacle for the price of gold to continue trading to a higher level. But if that level is successfully breached, $2,364 will be the focus.But if it's the other way around, $2,287 will be the gold market's main floor price before continuing to trade lower around the $2,277-$2,250 price level.
The gold market was trading higher in the Asian market session today following the public holiday in America yesterday.
The "Recovery" momentum of the American dollar and the strengthening of American treasury bonds are seen to affect the demand for gold prices in the New York session today.
However, several Fed committee members are still scheduled to hold a conference tonight until tomorrow.
In addition, the data report "Initial Jobless Claims and the American PMI is seen to also be the focus of gold market players.
If the employment data report tonight gives a "dovish" indication, gold is seen to be able to be traded to a higher level.
Technical Analysis
Based on the daily chart, the price level of $2,345 is seen to be the main obstacle for the price of gold to continue trading to a higher level. But if that level is successfully breached, $2,364 will be the focus.
But if it's the other way around, $2,287 will be the gold market's main floor price before continuing to trade lower around the $2,277-$2,250 price level.
