Gold Price News and Forecast: XAU/USD trades near upper pattern line
|Gold spot Intraday: The bias remains bullish
Our preference: Long positions above 1705.00 with targets at 1723.00 & 1730.00 in extension.
Alternative scenario: Below 1705.00 look for further downside with 1697.00 & 1690.00 as targets. Read more...
XAU/USD Analysis: Trades near upper pattern line
On Wednesday, the XAU/USD exchange rate reversed north from the lower boundary of the ascending triangle pattern. During today's morning, the rate was trading near the upper pattern line at 1,722.00.
From a theoretical perspective, it is likely that a reversal south could occur in the nearest future. Meanwhile, it is unlikely that a breakout from the pattern could occur due to the support formed by the 55-, 100– and 200-hour SMAs in the 1,705.00 area. Read more...
Gold Price Analysis: Upside remains capped by $1720 ahead of US Jobless Claims
Gold prices (XAU/USD) are off the highs and consolidate the latest uptick to near 1720 levels, as the bulls take a breather ahead of the critical US Jobless Claims data slated for release at 1230 GMT.
The safe-haven demand for the greenback extends into Thursday, as the risk sentiment sours on intensifying global recession fears, in the face of the coronavirus pandemic. The US dollar index trades better bid near two-day highs of 100.36. Therefore, the upside attempts in the yellow metal remain in check. Read more...
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