Gold Price News and Forecast: XAU/USD tests monthly R1 [Video]
|Gold: Can the bulls build support above 1744? [Video]
If last week was all about the breakout, it would appear that this week is all about consolidating the move. Since the original March rally tailed off in mid-April, it has effectively taken more than two months for the bulls to make their next move. However, with several false upside dawns in that time, perhaps it is understandable that the market is taking this breakout with caution. We are also cautious with our positive outlook on gold. Holding above $1744 will now be a key gauge as to the outlook of the market. This breakout above $1764 (the old May high) has been consolidated in recent sessions, but the signs are encouraging for the bulls. Read More...
XAU/USD analysis: Tests monthly R1
Yesterday, the XAU/USD exchange rate tried to exceed the monthly R1 at 1,773.62. During Tuesday morning, the continued to test the given resistance.
It is likely that some upside potential could prevail in the market, as yellow metal could gain support from the 55– and 100-hour SMAs near 1,768.00. In this case the rate could exceed the 1,780.00 mark. Read More...
Gold consolidates in a range, around $1770 region
Gold extended its sideways consolidative price moves and remained confined in a narrow trading band, just below the $1775 level.
A combination of diverging forces failed to provide any meaningful impetus to the commodity and led to a subdued/range-bound trading action for the second consecutive session on Tuesday. Concerns about rising coronavirus cases globally and fading hopes of a sharp V-shaped global economic recovery continued benefitting the precious metal's safe-haven status. Read More...
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