Gold Price News and Forecast: XAU/USD continues to fluctuate in a tight range on Tuesday
|Gold Price Analysis: XAU/USD finds resistance near $1,710
For the second straight day on Tuesday, the XAU/USD pair is having a difficult time setting a near-term direction. After dropping to a daily low of $1,693 during the Asian session, the troy ounce of the precious metal rose steadily but failed to hold above $1,710. As of writing, XAU/USD was up 0.33% on the day at $1,703.
Gold gaining 0.1% – Profit-taking action could be seen
The gold futures contract lost 0.93% on Monday following Friday’s bounce from the recent local highs. Gold is still trading within a flat correction after its April’s advance. On April 14 it was the highest since November of 2012 and the high was at $1,788.80. Since then we’ve seen some profit-taking action and a potential medium-term downward reversal.
The price of gold is basically going sideways along $1,700 mark since early to mid April and it’s trading above February-March local highs. So it still looks like a consolidation within a medium-term uptrend.
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