Gold Price Analysis: Gold is shining as risk sentiment sours
|- Gold is nearly 2% higher on the session as stocks sell-off and the USD weakens.
- There is a key resistance nearby if the bulls can manage to keep up this momentum.
XAU/USD 4-Hour Chart
On the chart below you can see a big broadening pattern.
Gold is heading to the top of the pattern but there are some levels in the way.
$1,689.40 per ounce is one of those big levels that would need to be broken.
USD/JPY has fallen along with stocks to confirm this is a decent risk-off move.
If the level mentioned above does break then that would take gold to a price not seen since January 2013.
Traders are keeping a close eye on coronavirus headline to keep the bull run going.
-637190310866625272.png){kind=link}
Additonal levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.