Gold Price News and Forecast: XAU/USD on its way to short-term horizontal resistance
|Gold Price Analysis: On its way to short-term horizontal resistance
Gold prices take the bids near $1,650, +0.84%, by the press time of early Thursday. With that, the bullion carries its U-turn marked on Wednesday. The yellow metal recently reversed from $1,625 and is heading towards multiple resistances around $1,659.
Should prices manage to cross $1,659, as widely expected considering normal conditions of RSI and broadly bullish fundamentals, $1,673 may offer an intermediate halt before fueling prices to the latest high surrounding $1,690.
Gold/USD approaches the end of the pullback zone
Gold is currently approaching the end of its pullback zone, as highlighted in my previous post and could be ready for its next run. My leading indicator is still in the red; however, there are two technical points that I am watching closely which is the wedge price pattern and the fact that it found support on two occasions at 1630.00.
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