Gold Price News and Forecast: XAU/USD breached ascending triangle pattern [Video]
|Gold: Bulls beginning to position for the next move [Video]
After more than two weeks of trading with little or no conviction from one session to the next, we finally see the gold bulls beginning to position for the next move. With an uptrend forming over the past two weeks, the bulls have now strung three positive closes together, with some strong candlesticks too. A breakout above $1722 has brought the market to a three week high and the market is testing the key resistance of the range highs $1738/$1746. There has been a shift in momentum indicators too, where RSI is back in the 60s, Stochastics accelerating higher and even MACD lines are on the brink of a bull cross. Read more...
XAU/USD Analysis: Breached ascending triangle pattern
On Thursday, the XAU/USD exchange rate breached the ascending triangle pattern north. During today's morning, the rate was trading near the resistance level at 1,740.00.
If the given resistance level holds, it is likely that a reversal south could occur, and yellow metal could depreciate against the Greenback. Read more...
Will Gold shine under the great lockdown?
The recession that started in 1929 is called the Great Depression. The global financial crisis that originated in 2007 is named the Great Recession. The current coronavirus crisis can be called the Great Lockdown. As we all already know, the protection measures implemented to contain the coronavirus are severely impacting economic activity. However, the severity of the economic calamity is still uncertain. The initial shock was deep – all economic data, including the jobless claims, retail sales or industrial production – suggests that the downturn will be worse than during the Great Recession. Read more...
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