Gold: the bulls seems not ready yet [Video]
There is a slight positive bias that has returned to the gold market in the past 24/36 hours. This comes as broad market sentiment has taken fright once more from the Coronavirus and an associated move back into safe have assets has been seen. The question is now whether gold can begin to find traction and break the shackles of the consolidation of recent weeks. Trading clear of the 23.6% Fibonacci retracement (of $1445/$1611) at $1572 and near term resistance at $1577 would open a test of $1591. Read more...
XAU/USD Clears Resistance, but Will it Hold?
The precious metal maintained a bullish momentum which finally allowed price to break past the resistance area of 1573 – 1569. Given that the Stochastics is well overbought, there is doubt if the bullish streak can be maintained.
If prices slip back below this level, we expect the declines to continue. Read more...
Gold in search of a firm direction, stuck in a range around $1575 region
Gold lacked any firm directional bias and oscillated in a narrow trading band around the $1575 region through the early European session on Friday.
A combination of diverging forces failed to provide any fresh impetus, or assist the precious metal to build on the previous session's goodish positive move to over one-week tops.
The downside remains cushioned
Some signs of stability in the global financial markets undermined demand for traditional safe-haven assets and kept a lid on any subsequent positive move for the precious metal.
However, growing market concerns about the negative impact of the deadly coronavirus on the Chinese economy continued lending some support and helped limit any losses. Read more...
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