Gold Price News and Forecast: XAU/USD starts the week by beaking to three-week’s highs
|Gold Price Analysis: XAU/USD trades in three-week’s highs around $1650/oz
Gold is trading above the main SMAs while nearing the 1660 resistance as bulls would need a break above the above-mentioned level to extend the current bullish move which would introduce potential scope for an extension to the 1690/1700 resistance zone on the way up. On the flip side, support can be seen near the 1620, 1600 and 1570 levels.
All is not well in the Gold paper markets
London Bullion Market Association (LBMA) officials have loudly proclaimed there are plenty of gold bars in LBMA and COMEX vaults to meet surging demand from buyers.
Unfortunately for them, confidence is particularly fragile these days and cracks are starting to appear.
Which is why anxious officials there issued not one, but two memos last week in an attempt to reassure traders.
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