Gold Price News and Forecast: XAU/USD defies three-day losing streak to stay above $1,700
|Gold Price Analysis: XAU/USD defies three-day losing streak to stay above $1,700
Gold prices bounce off 12-day low to $1,712.10, up 0.16% on a day, during Thursday’s Asian session. In doing so, the bullion defies the previous three-day decline while taking clues from the US-China tension and hopes of Fed’s QE.
The US policymakers at the House of Representatives recently passed a bill to levy sanctions on the Chinese diplomats involved in violating the human rights in Xinjiang. The move is different from US President Donald Trump’s signal to levy sanctions on China by the week’s end.
Gold Price Analysis: XAU/USD declines to 2-week lows, challenges $1700/oz
The entire precious metals complex corrected in unison on profit-taking and firmer USD, and I think there was some technical around delivery risk playing into mood music for gold.
XAU/USD is losing considerable strength while trading below the main SMAs on the four-hour chart. Gold is slowly reversing its monthly gains while challenging the 1690/1700 price zone. If the market breaks those key levels, gold can see more weakness towards the 1660 level. Resistance can emerge near the 1720 and 1740/50 price zone.
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