Gold Price News and Forecast: XAU/USD closer to $1,750 again as Fed will continue zirp [Video]
|Gold: Can this positive near term bias within the range translate to a move that drives a breakout? [Video]
Gold closed -$9 lower yesterday in a session where risk appetite was smashed and safe haven assets outperformed. This is not a great set up for gold bulls looking for a breakout of the medium term trading range. Technically, there is a near term positive bias still within the range as the market is still eyeing a test of the $1744 June resistance, however we see the ranging configuration re-asserting once more. The RSI rolling over again for another lower high around the mid-50s, whilst MACD lines meekly edge higher does not bode especially well for this being the time where gold breaks higher. There is still a move that is holding on to the near term pivot band support $1720/$1725 (shown well on the hourly chart) this morning. The hourly chart also shows a five day recovery also intact, whilst the hourly RSI holding above 40 will encourage the bulls. The question is whether this positive near term bias within the range can translate to a move that drives a breakout. Read More...
Gold closer to $1,750 again as Fed will continue zirp
The gold futures contract gained 1.11% on Thursday, as it slightly extended its short-term uptrend. The price broke above $1,750 mark yesterday before closing below that resistance level. Global markets went risk-on and gold has been selling off as a safe-haven asset recently. But Wednesday’s FOMC Statement came out as a short-term game-changer. Stock prices reversed lower and gold spiked higher. However, it is still trading within a medium-term consolidation, as we can see on the daily chart:
Gold is gaining 0.5% this morning, as it’s getting back closer to yesterday’s daily high. What about the other precious metals? Silver gained 0.52% on Thursday and today it is 0.1% lower. Platinum lost 2.60% and today it is 0.6% higher. Palladium lost 1.07% on Thursday and today it is 1.5% higher. So precious metals trade along their yesterday’s daily highs today. Read More...
Gold Price Analysis: XAU/USD inches higher toward $1,740
The broad-based USD strength witnessed in the second half of the day on Thursday caused the XAU/USD pair to turn south and close the day in the negative territory.
However, the intense flight-to-safety helped the precious metal limits its losses. On Friday, the greenback seems to be having a difficult time preserving its strength and allowing the pair to recover its losses. At the moment, XAU/USD was up 0.5% on the day near $1,737. Read More...
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