Gold Price News and Forecast: XAU/USD trapped between two key barriers as US celebrates Independence Day
|Gold Price Analysis: Trapped between two key barriers as US celebrates Independence Day
Gold saw a wild ride yet again on Thursday but held onto the higher ground despite the blockbuster US NFP data. Growing coronavirus cases worldwide continued to boost the safe-haven. US Independence Day celebrations to keep Gold subdued? The Technical Confluences Indicator shows that the battle lines are well-defined for the yellow metal despite the sharp reversal seen a day before.
Therefore, the bulls are likely to challenge a minor barrier near $1780 on its next leg up, which is the convergence of the previous week as well as the previous day high. Acceptance above the latter could open doors towards the next strong resistance aligned at $1786.50, the confluence of the previous month high and pivot point one-week R1.
Gold price forecast upped to $1800 by end-2020
The analysts at UBS have raised their year-end gold price forecast to $1800 vs. $1700 estimated before.
Key quotes: “For 2021 end-June forecast is kept at $1,800.In the shorter time horizon, it sees a number of uncertainties that'll help elevate the price.”
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