Gold Price News and Forecast: Breakout confirmed on gold's weekly, Doji on D1
|Gold: Bulls pay a little heed to trade/political headlines while nearing multi-week top
Gold prices remain under pressure around $1,510.85 amid the early Asian trading on Monday. In doing so, the yellow metal ignores the weekend news that should have been provided additional fuel to the safe-havens run-up beyond the nine-week high.
Cautious optimism surrounding the phase-one deal got another puzzle to solve during the weekend, which came from the South China Morning Post (SCMP).
Gold Technical Analysis: Breakout confirmed on weekly, Doji on D1
Gold is currently trading at $1,515 per Oz, representing a 0.25% gain on the day.
The yellow metal closed last week with 2.22% gains at $1,511, confirming a flag breakout on the weekly chart.
The pattern indicates the pullback from September highs above $1,555 has ended and the rally from lows near $1,270 seen in April-May has resumed. The flag breakout has opened the doors for a retest of highs above $1,555.
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