Gold Price News and Forecast: XAU/USD at yesterday’s high [Video]
by FXStreet TeamGold: The outlook remains on a knife-edge [Video]
The outlook for gold remains on a knife edge. Following the rebound from $1693 on Wednesday the market has rallied back into the resistance around the $1722 pivot and a near term downtrend. Although the market closed positively yesterday, the candle hit the downtrend resistance and closed just under the pivot. Trading cautiously this morning, there is a real sense that this is a near term crossroads now. Picking up off a medium term uptrend on Wednesday and hitting the near term downtrend today, this Is a move that could be close to the bulls regaining control. However, the rebound has stalled today and needs to breach the downtrend (around $1724 today) but with a move above $1735 resistance at least needed to really suggest positive momentum is building again. Read more...
Gold at yesterday’s high
The gold futures contract gained 0.09% on Thursday, as it extended its consolidation following bouncing off $1,700 support level on Wednesday. Gold has been trading within a downward correction after reaching new monthly high of $1,775.80 on Monday almost two weeks ago. Wednesday’s price action was quite bullish, but gold keeps extending over month-long consolidation, as we can see on the daily chart:
Gold is 0.6% higher today, as it gets back to yesterday’s high. Financial markets remain in risk-on mode, as stocks hover along their new medium-term highs. What about the other precious metals?: Silver gained 1.18% on Thursday and today it is 2.6% higher, platinum lost 1.14% and today is trading 0.4% higher. Palladium lost 1.61% yesterday and today it is 1.6% lower again. Read more...
XAU/USD analysis: Could consolidate
Yesterday, the XAU/USD exchange rate traded sideways in the 1,720.00 area. During Friday morning, the rate was testing the 200-hour SMA near 1,730.00.
If the given moving average holds, it is likely that a reversal south could occur in the nearest future. Note that the rate could gain support from the 55-hour SMA near 1,715.00. Read more...
