Gold Price News and Forecast: XAU/USD is trading 0.73% higher on Thursday as the USD weakens
|Gold higher again
The gold futures contract gained 1.24% on Wednesday, as the market retraced most of its Tuesday’s decline. It bounced off a $1,700 support level again. Gold has been trading within a downward correction after reaching new monthly high of $1,775.80 on Monday a week ago. But yesterday’s price action was quite bullish and today it goes higher.
Gold Price Analysis: 1-hour chart highlights a strong technical rejection point at $1727.37
Gold has been moving higher in the session as the retracement continues. The trend on the hourly chart below is still firmly down. This current wave higher could be the next lower high and there could be some signs of a rejection point at the moment.
Looking at the 1-hour chart the blue trendline looks like it has been rejected again. Adding to this the price level also confluences at the 50% Fibonacci retracement level. Lastly, the wave low resistance from 19th May at USD 172596 per try ounce is also at the same zone marked by the red rectangle.
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