Gold Price News and Forecast: XAU/USD spot longs at best support at the lower trend
|XAU/USD analysis: Is above 1,910.00
The XAU/USD exchange rate has raised to the psychological level at 1,920.00.
On the one hand, it is likely that yellow metal could continue to appreciate against the US Dollar within the following trading session. In this case the rate could target the 1,930.00 mark.On the other hand, it is likely that the exchange rate could reverse south in the short run. Note that the rate could gain support from the 55-, 100– and 200-hour SMAs, as well the monthly PP in the 1,905.00 area. Read more...
Gold Spot longs at best support at the lower trend
Gold longs hit 1913/15 for some profit taking with key 6 week trend line resistance at 1917/19. I think we will break higher. A break above 1923 should be enough confirmation of a medium term buy signal initially targeting the October high at 1932/33. A break higher targets 1940 & 1945.
Failure to beat key 6 week trend line resistance at 1917/19 targets 1913/12, perhaps as far as a buying opportunity at 1904/00, with stops below 1895. A break below here is a medium term sell signal. Read more...
Gold Price Analysis: XAU/USD holds steady near six-day tops, just below $1920 level
Gold traded with a positive bias through the first half of the European session and refreshed daily tops, around the $1923 region in the last hour, albeit lacked any strong follow-through.
The precious metal managed to gain traction for the third consecutive session on Wednesday and finally broke out of its four-day-old trading range. The prevalent selling bias surrounding the US dollar was seen as one of the key factors that benefitted the dollar-denominated commodity. Read more...
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