US Dollar and GOLD Technical Analysis

Gold performance continues to glisten. The precious metal has staged an impressive 12% rally over the last three weeks, which just catapulted XAU/USD to an all-time high above the $2,000-price level. This recent extension higher lifts gold price action to a 33% gain year-to-date.

The price of gold holds a strong inverse relationship with real yields, generally speaking, and underscores a primary driver of the yellow-metal’s broader direction. To that end, real yields have been crashing lower since August 2018, which just so happens to correspond with where gold prices bottomed two years ago.

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Gold’s resilience in the wake of fading fiscal aid hopes suggests that the price of Bullion may hinge on polling data ahead of US Presidential Elections in November.

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Gold prices fell for a second consecutive week as inflation expectations eased after a U.S. political shift. Despite the recent drop, XAU/USD remains over 20% higher year-to-date.

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The Federal Reserve’s first meeting for 2021 may do little to prop up the price of gold as the central bank relies on its non-standard tools to achieve its policy targets.

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Gold prices have crept cautiously higher since falling to 9-month lows on March 8, as the rapid sell-off in US Treasury markets subsided on the back of lacklustre February inflation data.

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The Federal Open Market Committee (FOMC) Minutes may drag on the price of gold as the central bank appears to be in no rush to switch gears.

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The Federal Reserve rate decision is likely to sway the price of gold as the central bank is slated to update the Summary of Economic Projections (SEP).

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Gold price action is primed for volatility next week with the Fed decision on deck. How real yields and the US Dollar react to fresh guidance from Fed officials will be key for gold outlook.

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Gold prices remain vulnerable despite a headline non-farm payrolls miss. Rising wages could mean that inflation remains high, complicating the Fed's outlook. XAU/USD eyes CPI data.

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The University of Michigan released a report on Wednesday showing consumer sentiment in the U.S. decreased by slightly less than initially estimated in the month of November. The report said the consumer sentiment index for November was upwardly revised to 67.4 from the preliminary reading of 66.8. Economists had expected the index to be upwardly revised to 66.9.

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