Gold Price News and Forecast: XAU/USD shows the development of a corrective formation
|XAU/USD – Multi-Year S/R zone holding as support
A strong weekly/monthly close above 1575 would indicate that this multi-year S/R zone successfully held as support, with 1750 being the closest long-term resistance to look out for. Bulls can then look for potential trading locations on weak pullback back into support zone.
Gold Advances in a Potential Flat Pattern
Gold is mainly trading bullish on Thursday, driven by a weak dollar and low initial jobless claims data.
The price of Gold advanced in the Thursday trading session $11.77 or 0.73%, climbing to $ 1,629.12 per ounce, pushed up by the U.S. Dollar Index (DXY) weakness that stumbles 1%, and currently trade at 99.93 pts.
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