Gold Price News and Forecast: XAU/USD clings to gains near $1860 region, lacks follow-through
|Gold: The uptrend may be expected to continue
The uptrend may be expected to continue, while market is trading above support level 1851, which will be followed by reaching resistance level 1874. An downtrend will start as soon, as the market drops below support level 1851, which will be followed by moving down to support level 1816.
An uptrend will start as soon, as the market rises above resistance level 1857, which will be followed by moving up to resistance level 1906. The downtrend may be expected to continue, while market is trading below resistance level 1850 – 1857, which will be followed by reaching support level 1819 and 1780. Read more...
Gold Price Analysis: XAU/USD clings to gains near $1860 region, lacks follow-through
Gold gained some positive traction on Tuesday and built on the previous day's goodish rebound from over one-month lows, around the $1817 region. The precious metal maintained its bid tone through the mid-European session and was last seen trading near the top end of its daily range, around the $1860 region.
The recovery momentum pushed the XAU/USD back above 50-hour SMA, which now coincides with a short-term ascending trend-line. The mentioned confluence support is currently pegged near the $1850 region, which should now act as a key pivotal point for traders and will be looked upon for some meaningful opportunities. Read more...
Gold analysis: Breaks pattern
As a new month started, the yellow metal's price ended its decline in the borders of a channel down pattern. The price broke out of the pattern through its upper trend line. Moreover, the resistance of the 55-hour SMA was quickly broken.
By the middle of Tuesday's GMT trading hours, the price for gold had reached the 100-hour simple moving average. If the SMA fails to provide resistance, the price could reach for the 200-hour SMA near 1,827.25. Read more...
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