Gold Price News and Forecast: XAU/USD touched 1,695.00 [Video]
|Gold: Bullish outlook significantly compromised [Video]
The immediate bullish outlook for gold has been significantly compromised by price declines of the past two sessions. We have recently been discussing how difficult the upside moves are becoming for gold. Two decisive negative candles of the past couple of sessions reflects this. Since the March low, the market has been trying to pull higher, but is consistently being impacted by near term corrective moves. These moves have been breaking ever shallower uptrends. The latest breach of a very shallow 8 week uptrend shows that near to medium term moves on gold are increasingly choppy. All the while, momentum indicators have been sliding lower over a medium term basis. The lower highs on RSI are now added to by a move below 50. MACD lines are sliding ever back towards neutral. Stochastics are turning lower under neutral. Read more...
XAU/USD analysis: Touched 1,695.00
Yesterday, the XAU/USD exchange rate dropped to the 1,695.00 level. During Thursday morning, the rate reversed north to 1,705.00.
On the one hand, it is likely that some upside potential could prevail in the market. In this case it is unlikely that the price for gold could exceed the 1,720.00 area due to the resistance formed by the 55-, 100– and 200-hour SMAs, as well the monthly PP. Read more...
Precious metals’ rebound
The gold futures contract lost 1.68% on Wednesday, as it got back to $1,700 price level. The market has retraced its recent advance despite weakening U.S. dollar. On Monday the price has reached slightly above $1,760 and yesterday’s daily low fell at $1,690.30. Gold is still trading within a medium-term consolidation, as we can see on the daily chart:
Gold is trading 0.6% higher this morning. Financial markets remain in risk-on mode, as stocks continue to hover along their medium-term highs. What about the other precious metals? Silver lost 1.65% on Wednesday and today it is 0.5% higher. Platinum lost 0.9% and today is 0.3% higher. Palladium lost 1.23% and today it is 0.2% higher. So precious metals are rebounding after their yesterday’s decline. Read more...
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