Gold Price News and Forecast: XAU/USD is consolidating gains at the start of the new trading week
by FXStreet TeamGold Price Analysis: XAU/USD sideways, trading near $1730/oz
XAU/USD is consolidating the recent gains while hovering above $1700 per troy ounce and the main SMAs on the four-hour chart. Gold bulls need a break above the 1740 resistance to move towards the 1780/1800 price zone. Occasional retracements down should find support near the 1690/1700 price zone and the 1660 level.
Gold daily news: XAU/USD trading along last week’s lows
The gold futures contract gained 0.79% on Friday as it slightly retraced Thursday decline of 1.7%. On Thursday it extended a downward correction from the last Monday's new monthly high of $1,775.80. The market has retraced almost all of the decline from April 14 high of $1,788.80, before reversing downwards again. Gold price continues to trade within an over month-long consolidation, as we can see on the daily chart: