Gold: Bulls beginning to take control once more [Video]
The bulls are just beginning to take control once more on gold. There have now been four positive closes in the past five sessions, and the market is again edging higher this morning. This has stabilised the supports within the $1902/$2015 five week range and the bulls are looking higher once more. Daily momentum is gradually ticking higher again, with RSI at a four week high today, and MACD lines threatening to cross back higher. These moves are still though relatively small, given the Average True Range continues to fall (today down at $31). Despite this, the hourly chart shows a move back above the old pivot line of $1955 (which has since become initially supportive) and the initial resistance at $1976 is being eyed. A move to test $1991 would then be next. Read More...
Gold Price Forecast: XAU/USD eyes $1980 amid weaker dollar, focus shifts to Wednesday’s FOMC
Gold (XAU/USD) built on Monday’s 1% rally after a steady start on Tuesday, reaching fresh nine-day highs at $1967. The US dollar was dumped across the board amid an improvement in the risk-sentiment, courtesy of the vaccine hopes, upbeat Chinese data and renewed US-Sino trade optimism. The Chinese activity numbers came in stronger than the estimates, suggesting the economic recovery is gathering steam. Also, news that China extended tariffs exemptions on some of the US good imports further fuelled the market optimism.
Traders now look forward to the US Industrial Production data and the sentiment on Wall Street for fresh trading impetus. Dovish Federal Reserve (Fed) expectations ahead of Wednesday’s monetary policy decision could also bode well for the XAU bulls. Read More...
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