Gold Price News and Forecast: XAU/USD uptrend should continue at the break of 1- 2-3 pattern
|Gold hangs near weekly lows, NFP awaited
Gold extended its sideways consolidative price action on Friday and remained well within the striking distance of weekly lows set in the previous session.
The de-escalation of geopolitical tensions in the Middle East remained supportive of the prevailing risk-on environment and was seen as one of the key factors weighing on traditional safe-haven assets, including gold.
The downside remains limited ahead of NFP: It is worth recalling that the prospect of war between the US and Iran became more unlikely after the US President Donald Trump on Wednesday signaled that there will be no further military action against the Islamic Republic. Read more...
GOLD Uptrend Should Continue at the Break of 1- 2-3 Pattern
The GOLD has made a move above the channel on H1 timeframe. We should see a continuation above point 2 of 1-2-3 pattern.
A bounce above 1556.60 should make the price go higher towards 1575 and 1585 zone. However, we need to see a momentum to the upside and it will also depend on the NFP result today. Worse than expected result should send the GOLD higher. Whatever the case might be with the NFP a break of 1556 will be bullish and only the NFP could mess up with the GOLD bulls on Friday. Read more...
Gold Above $1,600 As Iran Retaliates
We didn’t have to wait long for Iran’s response. After the missile attack on U.S. bases in Iraq, gold briefly soared above $1,600. What should we expect next?
On Tuesday, I wrote that “given that Soleimani was widely seen as the second most powerful figure in Iran, we should expect a response.” And, indeed, it arrived before too long. On Wednesday, just hours after the funeral of the Iranian general, Iran launched a missile attack on two military bases in Iraq housing U.S. troops. Read more...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.