Gold Price News and Forecast: XAU/USD closed the previous week with small gains at $1,702
|Gold Price Analysis: XAU/USD struggles to hold above $1,700
The troy ounce of the precious metal posted small gains and closed the previous week at $1,702. With the greenback gathering strength and the upbeat market mood in the US session dampening the safe-haven demand, the pair edged lower and was last seen down 0.2% on the day at $1,699.
Gold Price Analysis: This chart pattern suggests a break is imminent
It has been a tale of two halves today as in the EU session stock markets sold off but as the US traders entered the fray, markets turned slightly higher. The major resistance in gold has been USD 1708.70 on Monday as it seems consolidation is the way for now.
There was one bit of interesting news in an otherwise dull day. US treasury sec Mnuchin stated that there is a need to step back before a new stimulus round. Not the usual bullish attitude that we have come to expect from the Americans. He also seems to think that the employment figures will get better as the US heads to the summer.
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