Gold: The market remains stuck around $1700 [Video]
The range on gold continues as the market remains stuck around $1700. For the past five weeks, gold has traded within the confines of resistance at $1746 and support at $1660. As the range has gone on, there have been converging levels of support and resistance, leaving the most recent levels of $1681 as support and $1722 as resistance. Interestingly this is entirely around the old $1702 old breakout which has become a pivot within the range. Gold is now into its 12th session of having printed trades at this $1702 pivot. Momentum indicators continue to moderate, with the RSI and Stochastics almost entirely flat around their mid-points. Read more...
Gold steadily climbs to session tops, closer to $1710 level ahead of Powell’s speech
Gold edged higher during the mid-European session and was last seen trading near the top end of its daily trading range, above the $1705 level.
A combination of supporting factors assisted the commodity to regain some positive traction for the second straight session on Wednesday and move well within the striking distance of weekly tops. Investors remain concerns about the second wave of coronavirus infections, which turned out to be one of the key factors extending some support to the precious metal's perceived safe-haven status. Read more...
XAU/USD analysis: Tests lower pattern line
On Tuesday, the XAU/USD exchange rate failed to surpass the 1,710.00 level. During today's morning, the rate was testing the lower line of the ascending triangle pattern.
From a theoretical point of view, it is likely that a reversal north could occur in the nearest future. In this case the price for gold could exceed the 1,710.00 mark. Read more...
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