Gold Price News and Forecast: XAU/USD bears pause around two-week low above $1,700
by FXStreet TeamGold Price Analysis: XAU/USD bears pause around two-week low above $1,700
Gold consolidates losses near the lowest since May 13 while taking rounds to $1,711/12 amid the early Asian session on Wednesday. The bullion dropped heavily the previous day as global markets shun safe-haven demand amid broad risk-on sentiment. Though the latest challenges to the US-China the US-Russia relations seem to probe the bears.
Having initially stepped back from attacking China’s move to grab powers in Hong Kong, US President Donald Trump cited sanctions on the Asian major coming by the end of the week. Also questioning the earlier optimism could be the statement from the US Navy suggesting that two Russian Su-35 jets "unsafely" intercepted a US Navy P-8 patrol aircraft.
Gold Asia Price Forecast: XAU/USD consolidates gains, trades above $1700/oz mark
XAU/USD consolidates gains above $1700 per troy ounce and the main SMAs on the four-hour chart. Gold buyers would need a break above the 1740 resistance to extend the rally towards the 1780/1800 price zone. The retracement down may find support near the 1690/1700 price zone and the 1660 level.
