XAU/USD: Gold prices on the move; pushing prices towards 1235.60  

 

What is going on with XAU/USD?

XAU/USD: Gold prices dipped below 1230.45 in yesterdays session but was supported at 1226.54 during the European session. Gold prices bounced at 1228.45 in the 60 minutes price chart and made its way back to 1232.60 in this mornings session. The pair continued its upward run and now approaches 1235.60 resistance.

Our forecast

XAU/USD: Gold prices are now trading at 1236.05 and could continue to 1239.40 if it holds at 1235.60. Gold could extend its run further to 1234.50 and 1248.50 if it makes it to 1239.40. The pair could pull back to 1232.60 if it fails at 1235.60

Support -1235.60, 1232.60, and1230.45

Resistance/ Target - 1239.40, 1243.50, and 1248.50

Chart 1: The short-term view of the XAU/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

Chart 2: The short-term view of the XAU/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points

 

 

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