Gold Price News and Forecast: XAU/USD trades with modest losses below $1620


Gold Price Analysis: Under pressure, but market still looks indecisive

Gold is currently trading at $1,624 per ounce, representing a 0.30% decline on the day.

Despite the losses, the yellow metal is still trapped in a trading range defined by the consecutive daily candles with long wicks and small bodies created on Wednesday and Thursday.

A break above Thursday's high of $1,645 would imply the period of indecision has ended with a bullish breakout and could cause more buyers to join the market, yielding a rise toward resistance at $1,675. Read more...

xau usd chart
 

Gold trades with modest losses below $1620 level, downside seems limited

Gold edged lower through the early European session and is currently placed near the lower end of its daily trading range, just below $1620 level.

The precious metal failed to capitalize on the previous day's goodish intraday positive move to two week tops and came under some selling pressure on the last trading day of the week. Read more…

 

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