Gold Price News and Forecast: XAU/USD limited gains below the $1730/oz level
|Gold picks up a bid amid losses in the US stock futures
Gold, a traditional safe-haven asset, is drawing bids as the US stock futures are signaling risk aversion. The yellow metal is trading at $1,720 at press time, representing a 0.15% gain on the day, having hit a low of $1,712 in early Asia.
Meanwhile, the futures tied to the S&P 500, Wall Street's benchmark index, is down 0.6%. Asian stocks are also flashing red with Australia's S&P/ASX 200 index leading the way lower with a 1.11% decline.
Gold Price Analysis: Limited gains below the $1730/oz level for XAU/USD
After bouncing from the 1690/1700 price zone XAU/USD is stalling below the 1730 resistance and the 50 SMA on the four chart. The picture is mixed as it seems the metal is challenging a tough resistance near the 1730 level. However, a break above the level would be necessary for more upside momentum towards the 1740 and 1750 levels. Support should emerge near the 1710 and 1700/1690 price levels.
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