Gold Spot ($) The upside prevails
Pivot (invalidation): 1514.50
Our preference
Long positions above 1514.50 with targets at 1527.50 & 1532.00 in extension.
Alternative scenario
Below 1514.50 look for further downside with 1510.00 & 1507.00 as targets.
Comment
The RSI shows upside momentum. Read more...
Gold Prices Set to Close out the Year Near Current Highs
Gold investors keep the price of the precious metal well bid near the current highs above 1500 an ounce. There seems to be a bit of a modest risk-on sentiment besides the year-end profit-taking. With equities likely to retreat, gold prices are likely to hold steady into the close of the year.
XAU/USD Steady at 1515 Resistance
The precious metal was seen holding steady near the resistance level of 1515. Given the fact that prices retreated off this level previously, there is scope for a pullback. Read more...
Gold sits at three-month highs near $1525 on New Year’s Eve
Having reached the highest level since end-September at $1525.10 last hour, Gold (XAU/USD) has entered a phase of consolidation, as the bulls take a breather and gather pace for the next push higher.
Persisting US-China trade deal optimism curbs the demand for the safe-haven the US dollar across its main competitors, in turn making the USD-denominated yellow metal more attractive for foreign buyers.
Recently, White House trade adviser Peter Navarro noted that a phase one deal was likely to be signed next week. Meanwhile, markets cheer the latest upbeat comments from US President Trump and Treasury Secretary Mnuchin on the likely trade deal. Read more...
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