Gold Price News and Forecast: XAU/USD gets back above USD1,900
|Gold Price Analysis: Remains below key counter-trendline resistance
Gold is not going down without a fight on the short-term time frames. The broader bias remains in the hands of the bears. Gold is under pressure on the weekly and daily chart, but the 4-hour time frame is proving problematic to the bearish case. There is an opportunity on the weekly chart to trade the next downside extension following the latest correction.
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Gold gets back above USD1,900/oz despite USD gains and an equity slide as there’s sufficient US pre-election 'safe-haven' demand to buoy bullion. Gold was caught between the bearish impact of a firmer USD and lower bond yields and significantly weaker equities. And while it didn’t rally, it held it its own. This suggests a rise in risk-off appetite, and the consequential stronger US dollar was not enough to drive bullion lower. Indeed, this is encouraging.
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