Gold Price News and Forecast: XAU/USD volume has been light today as the US markets are closed
|Gold: Breaking an uptrend is not the end for the bulls
During the latter stages of last week we discussed the importance of the market continuing to form support around the 23.6% Fibonacci retracement (of $1451/$2072) at $1926. Intraday tests continue, but the consistent appetite to protect this support into the close is encouraging for the gold bulls. This has been a spluttering phase in recent weeks, where the market has effectively formed a range between $1900/$2000 (with the support low the low at $1902 and resistance of rebound highs at $1991 and $2015. Daily momentum indicators have moderated back into broadly neutral positioning with this loss of traction.
Gold Price Analysis: The stubborn support is still holding but some of the technical indicators at creeping back up
Today has been a slow session as the US markets are closed due to labor day. Despite this, there are some technical set-ups that need to be watched if you are interested in the yellow metal. The market seems to be in limbo after the long uptrend and with this month's FOMC meeting being a "live" one a break of the technical levels could give us clues to the future trajectory of the metal.
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