Gold analysis: Breaks pattern
As a new month started, the yellow metal's price ended its decline in the borders of a channel down pattern. The price broke out of the pattern through its upper trend line. Moreover, the resistance of the 55-hour SMA was quickly broken.
By the middle of Tuesday's GMT trading hours, the price for gold had reached the 100-hour simple moving average. If the SMA fails to provide resistance, the price could reach for the 200-hour SMA near 1,827.25. Read more...
Gold Price Analysis: XAU/USD’s rebound stalls below $1800 ahead of US data, Powell
Gold (XAU/USD) stalls its rebound from five-month lows of $1765 in the European session this Tuesday, as the 100-hourly moving average (HMA) guards the immediate upside near $1797.
Gold attempted a solid comeback after the recent sharp declines, mainly in response to the broad-based US dollar weakness, as the month-end dollar demand faded. The focus shifted back to the coronavirus vaccine-driven economic recovery hopes, which diminished the greenback’s safe-haven appeal. Read more...
Gold Price Analysis: XAU/USD recaptures $1,800, 200-day SMA, levels to watch – Confluence Detector
A December to remember for gold? The precious metal has kicked off the last month of the year with a bang – jumping back above $1,800 and reversing its losses in late November. The market has returned to an upbeat mood and XAU/USD is rising with stocks once again.
The Technical Confluences Indicator is showing that some weak resistance awaits at $1,806, where the Fibonacci 161.8% one-day awaits the price. Read more...
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