Gold (XAU/USD) is trading over one and a half percentage point lower in the $2,330s on Friday after the news that the People’s Bank of China (PBoC) suddenly halted its Gold purchases in May after an 18-month stretch of buying.
Gold price falls after data unveils PBoC reserves showed no change in May compared to April, ending 18-month buying spree. Central bank buying is considered a major driver of Gold price, according to World Gold Council. Short-term technical picture remains volatile as Gold whipsaws higher and then lower.
Technical Analysis: Gold breaks out of top of range, then dumps Gold price has broken out of the top of a mini-range, stretching from roughly $2,315 to $2,358, but since reversed course and dumped. It has now fallen back inside the range. XAU/USD 4-hour Chart A break below the $2,315 range low would reactivate downside targets generated by the trendline break. The first target for the follow-through is at $2,303 – the 0.618 Fibonacci extrapolation of “a”.
XAUUSD Technical Analysis Fundamental Analysis SEO
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold prices set to continue bullish momentum amid rate cut expectationsChina's recent actions of selling U.S. Treasuries to buy gold significantly impact gold prices.
Read more »
Gold House Celebrates AAPI Change Makers At The 3rd Annual Gold GalaGold House honored and celebrated AAPI change makers, leaders and creatives of the A100 List at its 3rd annual Gold Gala.
Read more »
Gold, Silver Weekly Forecast: Gold Bid on Dollar Drop, ‘Silver Squeeze’ ReturnsPrecious metals are looking positive after softer CPI data shifted the focus to Fed rate cuts and silver surged on what appears to be a return of ‘meme stock’ mania
Read more »
Gold price on May 22: Gold price risesGold prices rose in India on Wednesday, according to data from India's Multi Commodity Exchange (MCX).
Read more »
Gold Price Forecast: XAU/USD plummets amid Harmony Gold newsHarmony Gold, the largest gold mining company in SA interrupted blasting operations after a fatal accident.
Read more »
Gold prices are high: Should you buy 1-ounce gold bars now?Here's why it could make sense to invest in 1-ounce gold bars despite prices hovering above $2,400 per ounce.
Read more »