Gold Price News and Forecast: XAU/USD short-term ascending triangle keeps bears hopeful
|Gold remains below $1562/60, ignores risk-negative news from the Middle East
Gold prices stay mostly downbeat while taking rounds to $1,557.20, following an uptick to $1,559, during the early hours of Monday’s trading. The yellow metal fails to respond to the power play in Libya and protests in Iraq amid the broad US dollar strength. Also exerting downside pressure on the quote are hopes that the global leaders will be able to tackle the Middle East’s problems while cheering the trade optimism surrounding the US.
Most of the Libyan oil exports, around 8,00,000 barrels per day, are on hold as the commander Khalifa Haftar took ports under his control. Iraq is also undergoing a tough time where the protestors have forced the Al Adhab field to stop the oil output.
Gold Price Analysis: Short-term ascending triangle keeps bears hopeful
Gold prices seesaw around $1,558 during early Monday. The yellow metal recently took a U-turn from multi-day-old horizontal resistance but is still trading inside the short-term rising triangle. Also, RSI and MACD are troubling traders while portraying no major momentum.
However, multiple pullbacks from $1,560/62, coupled with broad US dollar strength, keep the odds of the bullion’s declines. With this, sellers’ will look for a clear break of $1,555 to aim for the mid-month low surrounding $1,547 and the monthly bottom near $1,543 during further declines.
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