Gold Price News and Forecast: XAU/USD is trading 0.88% higher on Monday as the dollar struggles
|Gold Price Analysis: XAU/USD breaks out of the current chart formation it is up to the bulls to keep the momentum going
Gold has moved out of a sticky zone between USD 1940 and USD 1915 per troy once to break the downward sloping trendline marked in black. Now above the current price level, there are two key zones for the bulls to break if the all-time high is to be tested once again.
The purple box on the chart represents the bottom and top of the next resistance zone. The bottom of the area is at USD 1992.42 per ounce and the top is at USD 2016.55 per ounce. Obviously in the middle of these levels lies the USD 2K per ounce psychological level.
-637356976492872470-637357010227715723.png){kind=link}
Gold triangle looks set to be breached
As stated several times in our recent videos, gold triggers the attention despite its consolidation due to the formation of a triangle since the beginning of August. After the record flows during 2020 that boosted Gold and most of the commodity and commodity related assets to record highs, the precious metal has entered a ranging market in the past 4 weeks.
Despite the correction in August the longterm sentiment remains strong with big banks forecasting that due to Gold’s relation with inflation, it could reach $3,000 within 2021.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.