Gold Price News and Forecast: XAU/USD bulls are still reigning
|Gold’s current stance
Everyone’s talking about what happened in the U.S., as rioters invaded Capitol Hill and took over the place disrupting a session where Joe Biden’s victory in the Presidential Election was to be confirmed by Congress. The event made a big splash in the markets and especially with Gold.
The precious metal was already having a very rough day. It began with the Asian session when it tried to move higher, however encountered heavy resistance at the $1,960 level. It took that rejection hard, as the instrument fell from the mentioned resistance level, all the way towards the $1,900 support. Luckily, there were enough buyers at that support in order to prevent a further drop. Read more...
Gold bulls are still reigning
Gold is bullish and after a big retracement they are ready to continue with the trend.
1893-1900 is the zone where the bounces should happen. Continuation of the trade happens if the price breaks 1934.85. However if the 1885 is lost we should see a move down to 1869 and Gold will start to be bearish then. At this point, safe haven flights still go into GOLD and buying the dips is the option. Read more...
Gold Price Analysis: XAU/USD turns flat, around $1920 area amid risk-on mood
Gold struggled to preserve its intraday gains and moved into the neutral territory, around the $1920 region during the early European session.
The precious metal managed to regain some positive traction on Thursday and moved away from weekly lows, around the $1900 mark set in the previous session. The US dollar languished around its lowest level in nearly three years, which, in turn, was seen as one of the key factors lending some support to the dollar-denominated commodity. Read more...
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