Gold Price News and Forecast: XAU/USD consolidates gains above $1700/oz
|Gold buyers look to regain control above $1,700
Gold prices extend pullback from a one-week low of $1,717.34, flashed the previous day, to currently around $1,727.40 during Friday’s Asian session. Although the US dollar recovery seems to cap the yellow metal’s rise, escalation of the US-China tussle and the coronavirus (COVID-19) keep the bullion’s safe-haven demand intact.
Following China’s indirect warning to the US, from the 13th National People's Congress, the tussle between the world’s top two economies intensified while including the Hong Kong issue as an additional point.
Gold Asia Price Forecast: XAU/USD consolidates gains above $1700/oz
XAU/USD is consolidating the recent gains while trading above $1700 per troy ounce and the 100/200 SMAs on the four-hour chart. XAU/USD is likely to stay supported with bulls trying to regain the 1740 level initially followed by the 1780/1800 price zone. Occasional retracements should find support near the 1690/1700 price zone and the 1660 level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.