Is gold ready to drift north?
XAU/USD traded higher on Friday, after it hit support near the 1712 level. The recovery drove the price above the downside resistance line drawn from the high of May 18th, which combined with the fact that the precious metal continues to trade above the upside support line taken from the low of April 21st, suggests that more advances may be on the cards for now.
If the bulls manage to overcome yesterday’s high of 1728, then we may see them aiming for the peak of May 22nd, at 1740, where another break may extend the gains towards the high of May 21st, at 1754. The bulls may decide to take a break after hitting that zone, thereby allowing the price to correct lower. However, as long as it remains above the aforementioned diagonal lines, we would see decent chances for another leg north and a break above 1754. This may encourage the bulls to put the 1765 zone on their radars, which is the peak of May 18th. Read more...
Gold: Bulls are heading towards north side, buy on dips
Overview: Day before yesterday we have seen a dip in the gold at $1693 level which was a perfect level to buy as we can see that the $1690 is a strong support level and our bias remains bullish on the gold as long as $1690-85 support zone remains intact on daily closing basis. The primary, as well as secondary trend, is up so in an uptrend market buy on dips will be a profitable strategy.
Gold has been consolidating its gains after recovering from a dive below $1,700. Can it extend its gains on the last day of May? We have to be cautious today as its monthly closing so it may give us a massive rally which is on cards; however, we will get clear confirmation above $1735 level where bulls will get momentum once again and they will approach the $1765 and $1790 level. Read more...
Gold clings to gains near session tops, around $1725 region
Gold edged higher during the early European session and climbed back closer to the previous day's swing high, around the $1727 region.
The precious metal gained some positive traction for the third consecutive session on Friday and was being supported by escalating diplomatic tensions between the United States and China. It is worth reporting that China's parliament on Thursday approved a national security law for Hong Kong, which further fueled worries about a standoff between the world's two biggest economies. Read more...
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