XAU/USD analysis: Could trade sideways
Since Wednesday, the XAU/USD exchange rate has been testing the 1,900.00 level.
It is likely that yellow metal could gain support from the 55-hour moving average near 1,889.79 and extend gains in the short run. Note that the rate could face the resistance level—the monthly PP at 1,909.25.
If the predetermined resistance level holds, it is likely that gold could trade sideways against the US Dollar within the following trading session. Read More...
Gold clings to modest gains, remains below $1900 mark amid upbeat market mood
Gold traded with a mild positive bias through the first half of the European trading session and was last seen trading near the top end of its daily range, just below the $1900 mark.
The precious metal managed to regain traction on Thursday and recovered a part of the previous day's modest pullback from a strong support breakpoint, now turned support near the $1902-05 region. The conflicting messages on the next round of the US fiscal stimulus measures kept the US dollar bulls on the defensive and extended some support to the dollar-denominated commodity. Read More...
Ichimoku cloud analysis: XAU/USD, Brent, GBP/USD
XAUUSD is trading at 1893.00; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s upside border at 1905.00 and then resume moving downwards to reach 1820.00. Another signal in favor of further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1925.00. In this case, the pair may continue growing towards 1945.00. To confirm further decline, the asset must break the rising channel’s downside border and fix below 1860.00. Read More...
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