Gold Price News and Forecast: XAU/USD was seen consolidating its recent gains to two-week tops
|Gold hits short term bull targets, bear market intact
Back in January 6th Gold broke with the mid term bullish structure started at the end of November 2020 on a 5 wave move (-8%) bottoming at around the 1800 level.
Price has now pulled back around 50% or a negative 4% move to retest a previous base around the 1870 level.
Gold Price Analysis: XAU/USD remains confined in a range around $1865-70 region
Gold remained confined in a narrow trading band through the mid-European session and consolidated this week's solid rebound from the vicinity of the $1800 mark.
Currently hovering around the $1872 region, any subsequent positive move is likely to confront stiff resistance near the $1880 congestion zone. The mentioned barrier coincides with the 50% Fibonacci level of the $1959-$1803 recent leg down and should act as a key pivotal point for short-term traders.
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