Gold Price News and Forecast: XAU/USD is congested within the triangle
|Surging retail sales, cautious powell, and Gold
Retail sales came in really strong in May, which could strengthen risk appetite, but the dovish Fed should support gold.
As the chart below shows, retail sales surged 17.7 percent in May, as the U.S. economy started to reopen. The number was a record high and above expectations, triggering optimism in the marketplace. Read More...
Gold is congested within the triangle
Gold is trapped inside a triangle range and at this point we can see the price struggling to go anywhere.
If the price breaks 1730 with a momentum candle we should see the move to upper levels 1741 and 1748. However a move down below 1711 should make a drop towards 1692. The price is very rangy and the market is waiting for a breakout. On 4h time frame its very visible as the price is close to the pinnacle of the consolidation triangle. Read More...
Gold Price Analysis: XAU/USD looks for a firm direction above 50-day SMA
Gold prices remain directionless around $1,727 while heading into the European session on Thursday. The yellow metal recently bounced off intraday low on fresh US-China tension but remains near the previous day’s close.
Other than the US-China updates, which suggest a continuation of a difference among the world’s top two economies, fears of the second wave of coronavirus (COVID-19) also weigh on the market’s risk-tone. The latest figures from the US suggest a jump in the virus cases from Texas while the hospitalization rate shot up in Florida and Oklahoma on Wednesday. Even so, the receding numbers of cases from China and US President Donald Trump’s hint of a cure to the deadly disease seem to counter the risk-off mood. Read More...
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