Gold Price News and Forecast: XAU/USD bulls await a clear break of $1,939 [Video]
|Gold Price: Bull candle formation helps set three-week high [Video]
There has been a highly questionable outlook on gold in recent weeks. Converging trendlines and a consolidation around pivot resistance $1902/$1926. However, there seemed to be a decisive shift in outlook on Friday. A decisive bull candle formation pulled gold to a three week high to close above the 23.6% Fibonacci retracement (of $1451/$2072 at $1926) which had been a basis of a key medium term pivot. This coming with a bull cross on MACD (the first since mid-June) and Stochastics accelerating higher suggests there is something building now. If the RSI can move into the 60s, it would be confirmation that the bulls are back in control. Having broken a two month downtrend, another positive candle today would add conviction to the growing positive position now. Read More...
Gold Price Analysis: XAU/USD bulls await a clear break of $1,939 – Confluence Detector
Although US stimulus deadlock is still far from breaking, gold prices stay above $1,900, currently down 0.07% to $1,929, while heading into the European open on Monday.
With the US Treasuries off from trading, due to the Columbus Day holiday, commodities couldn’t react to the weekend challenges to American President Donald Trump’s coronavirus (COVID-19) aid package. Although the Republican leaders’ readiness to offer $1.8 trillion propelled markets on Friday, House Speaker Nancy Pelosi’s rejection suggests no more money is going to flow through the Congress before the US presidential election. Read More...
Gold Price Analysis: XAU/USD eyes 50-HMA support at $1912 after bearish breakdown
Gold (XAU/USD) drops 0.50% so far this Monday, reversing Friday’s surge to two-week highs of $1930 amid a broad US dollar rebound and a technical breakdown on the hourly chart.
The bright metal charted a symmetrical triangle breakdown in the last hour, following a close below the rising trendline support at $1924.
The move lower calls for a test of the next downside target aligned at the upward-sloping 50-hourly moving average (HMA) at $1912. A break below which could open floors for a test of the $1901 fierce support. That level is the converge of the horizontal 100 and 200-HMAs. Read More...
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