Gold Price News and Forecast: XAU/USD short-term relief after holding the $1700 support
|Gold Price Analysis: XAU/USD eyes $1736 amid inverse head and shoulders breakout
Gold prices (XAU/USD) snap three-day losing streak and rebound sharply on Thursday, mainly driven by the increased flight to safety buying, as the US-China tensions spike up over the Hong Kong security issue.
Investors fret over a likely Trump administration’s response to Beijing’s forceful act on Hong Kong, which could revive the trade war between both the economies. Read more...
Gold: Short-term relief after holding the $1700 support
Gold has been moving lower in recent sessions as the risk-on environment gathers momentum but has been able to hold the $1700 and now a near-term relief is expected, in the opinion of FXStreet’s analyst Rajan Dhall.
“Gold has bounced off the $1700 level which matches up quite nicely with the 23.6% Fibonacci zone. The good news does not stop there as the Relative Strength Index (RSI) indicator also moved into an oversold area.” Read more...
Gold: Buy at 1690
Gold shorts at 1715/18 worked perfectly targeting 1707/06 & 1702 but we missed our buying opportunity at 1690/88 by just 3 points.
Silver longs at 1690/95 worked perfectly hitting targets of 1720/24 & 1735/37.
Gold sell at 1715/18 targeting 1707/06 & 1702, perhaps as far as 1695. Buy at 1690/88, with stops below 1684. Sell a break lower targeting 1681/80 & 1674/72. Read more...
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