Gold Price News and Forecast: XAU/USD advances to fresh daily highs near $1,810 [Video]
|Gold: Technically the set up is still bullish, but a little caution is creeping in [Video]
Gold continues to consolidate the latest breakout to new multi-year highs. We have backed the gold run higher, and so far we continue to do so. However, with a balance of small bodied and mild negative candlesticks in recent sessions, there is a sense that there is a little caution creeping in. Technically the set up is still bullish, as momentum indicators remains positively configured with RSI and Stochastics holding in strong positions. Read more...
Gold advances to fresh daily highs near $1,810
The XAU/USD pair closed the first day of the week with small gains above $1,800.
After spending the European session moving sideways in a tight channel, the pair turned north on broad USD weakness during the American session. As of writing, the troy ounce of the precious metal was trading at fresh daily highs at $1,810, gaining 0.4% on the day. Read more...
Gold Price Analysis: Intraday bounce falters near 100-hour SMA
Gold struggled to capitalize on its early North American session uptick and met with some fresh supply near 100-hour SMA, around the $1805 region.
The intraday pullback attracted some dip-buying around the $1790 region, which marks the lower boundary of a short-term descending trend-channel.
Against the backdrop of the recent strong gains, the mentioned channel constitutes the formation of a bullish continuation – flag pattern on short-term charts. Read more...
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