Gold Price News and Forecast: XAU/USD spot intraday – Key resistance at 1906.00
|Gold Futures: Further gains look likely
CME Group’s flash readings for Gold futures markets noted traders increased their open interest positions by nearly 5K contracts on Tuesday, reversing at the same time four consecutive daily pullbacks. In the same direction, volume went up by around 10.8K contracts after three drops in a row.
Gold met resistance at the 55-day SMA.
Tuesday’s positive price action in Gold prices was on the back of rising open interest and volume, leaving the prospects of extra gains well on the table with the next hurdle of not at the October peaks in the $1,930 mark per ounce. Read more...
Gold spot intraday: Key resistance at 1906.00
Pivot (invalidation): 1906.00
Our preference
Short positions below 1906.00 with targets at 1881.00 & 1872.00 in extension.
Alternative scenario
Above 1906.00 look for further upside with 1916.00 & 1925.00 as targets.
Comment
As Long as 1906.00 is resistance, look for choppy price action with a bearish bias. Read more...
Gold Price Analysis: XAU/USD remains vulnerable near $1890 amid resurgent USD demand
Gold witnessed some fresh selling during the early European session and might now be headed back towards the lower end of its daily trading range.
Currently hovering around the $1890 region, a strong bid tone surrounding the US dollar was seen as one of the key factors exerting some pressure on the dollar-denominated commodity. Early results of the US election indicated that the race for the White House has turned out to be far tighter than expected. Read more...
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