Gold Price News and Forecast: XAU/USD advances to fresh session highs above $1,707
|Gold Price Analysis: Bears attack $1,700 inside short-term triangle
Gold drops to $1,702, down 0.18% on a day, during the Asian session’s trading on Wednesday. That said, the yellow metal keeps trading between the two-week-old symmetrical triangle. As a result, sellers can aim for the weekly low surrounding $1,690 once the Gold prices drop below $1,700 round-figure. However, the pattern’s support around $1,674 could limit the bullion’s further downside.
If at all bears dominate past-$1,674, 200-bar SMA and 61.8% Fibonacci retracement of March 31 to April 14 upside, respectively, near $1,660 and $1,637, will be on their radars. Alternatively, a sustained upside break of the said triangle’s resistance, at $1,709 now, can trigger the precious metal’s recovery towards a falling trend line from April 14 that stays around $1,730 at present.
Gold Price Analysis: XAU/USD advances to fresh session highs above $1,707
The troy ounce of the precious metal dropped to a daily low of $1,690 in the early trading hours of the European session but didn't have a difficult time recovering its losses. After moving sideways near the $1,700 mark for the majority of the day, the XAU/USD pair gained traction during the American session and was last seen trading at $1,707.75, adding 0.35% on a daily basis.
The Relative Strength Index (RSI) indicator on the daily chart is inching higher above the 50 mark on Tuesday, suggesting that the bullish momentum in the near-term is picking up. Additionally, XAU/USD remains on track to close the day above the 20-day SMA to confirm the bullish outlook. $1,720 (Apr. 30 high) aligns as the first hurdle before the pair's rally could extend toward $1,750 to test the multi-year highs it set on April 14th.
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