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Gold Weekly Forecast: XAU/USD fails to clear $1,800 hurdle ahead of key US dataANALYSIS |
4/23/2021 6:37:29 PM GMT
Gold failed to gather enough bullish momentum to break above $1,800.
Next week’s key data releases from US could trigger a breakout.
Key technical levels remain intact following this week’s action.
After gaining nearly 2% in the previous week, the XAU/USD pair stayed relatively quiet on Monday and Tuesday, fluctuating in a narrow band around $1,780. With the benchmark 10-year US Treasury bond yield continuing to edge lower, however, gold advanced to its highest level since late February at $1,797 in the second half of the week. On Friday, the pair lost its traction and erased its weekly gains to close flat around $1,780.