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7 Jan 2021

Gold Price Analysis: XAU/USD under pressure, holding above $1900

  • Gold is moving sideways on Thursday around $1910 after sharp slide.
  • US dollar holds on to recent strength, DXY gains 0.30%.

Gold is falling on Thursday for the second day in a row as the US dollar continues to recover. The yellow metal managed to remain above weekly lows and the $1900 zone but is under pressure.

The US dollar boosted by higher US yields keeps gold on the defensive. The DXY is up 0.30% at 89.80, after hitting on Wednesday the lowest level since 2018. Wall Street indexes are at record highs, and Bitcoin is near $40,000.

Gold holding above $1900, for now

XAU/USD bottomed at the beginning of the American session at $1906 and then bounced to the upside, finding resistance below $1920. It is moving sideways around $1910. The very short-term bias is negative, and a decline under $1900 could lead to more losses and a jump in volatility.

A recovery back above $1930 in gold would strengthen the outlook for the metal. The next resistance above is at $1950/55, with a daily close above suggesting a test of $1970/75.  

Technical levels

 

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