Gold Price News and Forecast: XAU/USD uptrend should continue at the break of 1- 2-3 pattern

FXStreet Team FXStreet

Gold hangs near weekly lows, NFP awaited

Gold extended its sideways consolidative price action on Friday and remained well within the striking distance of weekly lows set in the previous session.

The de-escalation of geopolitical tensions in the Middle East remained supportive of the prevailing risk-on environment and was seen as one of the key factors weighing on traditional safe-haven assets, including gold.

The downside remains limited ahead of NFP: It is worth recalling that the prospect of war between the US and Iran became more unlikely after the US President Donald Trump on Wednesday signaled that there will be no further military action against the Islamic Republic. Read more...

GOLD Uptrend Should Continue at the Break of 1- 2-3 Pattern

The GOLD has made a move above the channel on H1 timeframe. We should see a continuation above point 2 of 1-2-3 pattern.

A bounce above 1556.60 should make the price go higher towards 1575 and 1585 zone. However, we need to see a momentum to the upside and it will also depend on the NFP result today. Worse than expected result should send the GOLD higher. Whatever the case might be with the NFP a break of 1556 will be bullish and only the NFP could mess up with the GOLD bulls on Friday. Read more...

Gold Above $1,600 As Iran Retaliates

We didn’t have to wait long for Iran’s response. After the missile attack on U.S. bases in Iraq, gold briefly soared above $1,600. What should we expect next?

On Tuesday, I wrote that “given that Soleimani was widely seen as the second most powerful figure in Iran, we should expect a response.” And, indeed, it arrived before too long. On Wednesday, just hours after the funeral of the Iranian general, Iran launched a missile attack on two military bases in Iraq housing U.S. troops. Read more...

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