Gold Price News and Forecast: XAU/USD short-term ascending triangle keeps bears hopeful

FXStreet Team FXStreet

Gold remains below $1562/60, ignores risk-negative news from the Middle East

Gold prices stay mostly downbeat while taking rounds to $1,557.20, following an uptick to $1,559, during the early hours of Monday’s trading. The yellow metal fails to respond to the power play in Libya and protests in Iraq amid the broad US dollar strength. Also exerting downside pressure on the quote are hopes that the global leaders will be able to tackle the Middle East’s problems while cheering the trade optimism surrounding the US.

Most of the Libyan oil exports, around 8,00,000 barrels per day, are on hold as the commander Khalifa Haftar took ports under his control. Iraq is also undergoing a tough time where the protestors have forced the Al Adhab field to stop the oil output.

XAU/USD

Overview
Today last price	1558.32
Today Daily Change	1.14
Today Daily Change %	0.07
Today daily open	1557.18

Trends
Daily SMA20	1535.12
Daily SMA50	1494.78
Daily SMA100	1497.16
Daily SMA200	1437.38

Levels
Previous Daily High	1561.26
Previous Daily Low	1549.66
Previous Weekly High	1562
Previous Weekly Low	1536.35
Previous Monthly High	1525.1
Previous Monthly Low	1454.05
Daily Fibonacci 38.2%	1556.83
Daily Fibonacci 61.8%	1554.09
Daily Pivot Point S1	1550.81
Daily Pivot Point S2	1544.43
Daily Pivot Point S3	1539.2
Daily Pivot Point R1	1562.41
Daily Pivot Point R2	1567.64
Daily Pivot Point R3	1574.02

Gold Price Analysis: Short-term ascending triangle keeps bears hopeful

Gold prices seesaw around $1,558 during early Monday. The yellow metal recently took a U-turn from multi-day-old horizontal resistance but is still trading inside the short-term rising triangle. Also, RSI and MACD are troubling traders while portraying no major momentum.

However, multiple pullbacks from $1,560/62, coupled with broad US dollar strength, keep the odds of the bullion’s declines. With this, sellers’ will look for a clear break of $1,555 to aim for the mid-month low surrounding $1,547 and the monthly bottom near $1,543 during further declines.

EUR/USD climbs to daily highs near 1.1820

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GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

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Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

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