Gold Price News and Forecast: XAU/USD edged higher for the third consecutive session on Wednesday

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD breaks through a symmetrical triangle resistance

Gold built on the previous day's modest bounce from a two-week-old ascending trend-line support and climbed to over one-week tops on Wednesday. Bulls might now be looking to build on the momentum beyond a descending trend-line resistance, extending from highs touched on August 18.

The combination of trend-lines constituted the formation of a symmetrical triangle on short-term charts, pointing to indecision over the commodity's near-term trajectory. However, the fact that the XAU/USD has managed to break through the triangle resistance, the bias now seems tilted in favour of bullish traders. Read more...

Gold: Are the bulls starting to make their move again?

After several days lacking conviction, are the bulls starting to make their move again? The past four completed sessions have seen a mild creep higher, but the small candlestick bodies reflect a lack of real intent. However, this morning, we see the market pushing the buying pressure and this pressure is testing the key two month downtrend (today at $1920). There are three key near to medium term technical barriers immediately overhead now. Initially the two month downtrend at $1920, then the 23.6% Fibonacci retracement (of $1451/$2072) at $1926 and then the $1933 October high. Read more...

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FXStreet

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