Gold Price News and Forecast: XAU/USD $1,585 is the level to beat for the bulls
|Gold Price Analysis: $1,585 is the level to beat for the bulls
Gold's stalled rally could pick up the pace above $1,585. That level is currently housing the upper end of the 6.5-week long narrowing price range. The metal has printed lower highs and higher lows since topping out at $1,611 in early January. That has taken the shape of a narrowing price range or contracting triangle
Acceptance above the upper end would imply a resumption of the uptrend from November lows near $1,455 and could yield a move above the recent high of $1,611.
Gold/U.S. Dollar: Gold attempts again to breakthrough 1575.90
Gold prices retreated from 1575.90 against the U.S. dollar after a few failed attempts to breakthrough but managed to regroup and now back at around the same spot with indications of a continues uptrend in the 60 minutes price chart; however, gold prices need to remain above 1575.90 to proceed to the upside.
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