Gold: The bulls are taking a breather [Video]
Anyone trading gold on Friday may just as well have gone back to bed, as the market completed the smallest daily range (just $5) of 2020. Last week we focused on the four week uptrend, which had been briefly breached by the Nonfarm Payrolls volatility but essentially remained intact. This support of the uptrend could well be broken simply by consolidation this week. What this does mean is that the bulls who have been driving the market to new multi-year highs last week, are just taking a breather. The question is whether this turns into a near term slip or is the precursor to the next leg higher. Support in the band $1757/$1764 will determine this. A closing breach of $1764 could see a drift back towards $1744/$1747 which is the next area of old breakout support. Read More...
XAU/USD analysis: Revealed rising wedge pattern
Last week, the XAU/USD exchange rate revealed a rising wedge pattern. During Monday, the rate was trading at 1,775.00.
It is likely that some upside potential could prevail in the market, as yellow metal could gain support from the 55-, 100– and 200-hour SMAs in the 1,770.00/1,775.00 area. In this case the rate could target the 1,785.00/1,790.00 area. Read More...
Gold clings to modest daily gains, just above $1775 level
Gold edged higher during the early European session and was last seen trading near the top end of its daily trading range, around the $1776-78 region.
The emergence of some fresh US dollar selling assisted the dollar-denominated commodity to reverse an early dip to the $1770 area on the first day of a new trading week. This coupled with concerns about the continuous surge in coronavirus cases further extended some support to the safe-haven precious metal. Read More...
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