Gold Price News and Forecast: XAU/USD bulls in Pole position before US election [Video]
|Gold: How the market responds to an early pullback today will be key [Video]
We were building the case for a gold breakout yesterday, noting that the market needed to push through several key resistance levels. With a solid bull candle that added +$18 into the close yesterday, the bulls made good progress but could not quite overcome the final couple of hurdles. The bulls pulled up short of the October high of $1933 whilst also the market closed back under the 23.6% Fibonacci retracement (of $1451/$2072 at $1926). With momentum not leading the market higher (RSI still stuck in the low 50s, MACD lines still below zero) the bulls cannot breakout quite yet. How the market responds to an early pullback today will be key. We discussed yesterday about the near term importance of $1910/$1914 breakout support holding and it seems to be doing so this morning. Hourly indicators have unwound into areas where the bulls should be looking to buy if they are really intent on a breakout too. Read More...
Gold bulls in Pole position before US election
Gold (XAU/USD) is moving sideways in the 21 ema zone. But price action recently bounced at the Fibonacci support levels. The XAU/USD is testing the 21 ema zone resistance. A bullish breakout above the Fractal and resistance trend line (purple) confirms the uptrend continuation (green arrows).
A bullish break increases the probability of a wave 4 completed plus the start of the wave 5 (pink). Price will be building a wave 1-2-3 (purple) within that wave 5. Read More...
Gold off lows, still in the red around $1920 region
Gold traded with a mild negative bias through the early European session, albeit has managed to trim a part of its daily losses to the $1911-10 region.
The precious metal witnessed some selling on Thursday and eroded a part of the previous day's positive move to levels just above the $1930 level, or seven-day tops. A modest pickup in the US dollar demand was seen as one of the key factors exerting some pressure on the dollar-denominated commodity. However, a fresh leg down in the equity markets helped limit any deeper losses. Read More...
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