Gold Price News and Forecast: XAU/USD breaks to the upside, trades near $1475/oz

FXStreet Team FXStreet

Gold: the key will now be how far the bulls can take a recovery [Video]

The selling pressure through the US dollar into yesterday afternoon allowed gold to claw back much of the earlier lost ground. It turned what looked to be a renewed corrective session into a move which now just further clouds the outlook for gold. In recent sessions, we have been considering the reaction of traders as they returned from Thanksgiving. Read more...

Gold Technical Analysis: Yellow metal breaks to the upside, trades near $1475/oz

Gold daily chart

Gold is rebounding from the November lows and broke the 1465 resistance level while trading below the 50/100-day simple moving averages (SMAs).

Gold four-hour chart

The metal left the 50 and 100 SMAs behind and seems headed towards the 1480 resistance near the 200 SMA. The 1465 level is becoming support. Read more...

Gold Bulls Still Need To Prove Themselves

The below is the weekly chart of the XAU/USD price. Yesterday saw a large sell off in the risk-on assets. One would expect gold, as a safe haven, to be a direct beneficiary of this decline. However, the precious metal bulls still need to prove themselves. We note that gold’s RSI is moving from a relative oversold level (green rectangle) and beginning to normalise. It’s fairly shallow for an oversold level but this is because of the previous strong impulse move up from June to August i.e. the recent pullback in gold may be overdone on a relative basis.

There is all the reasons for market participants to start reallocating capital to the havens. The risk-on market rallied on the basis that a phase one deal will be concluded. Reada more...

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FXStreet Team

FXStreet

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