XAU/USD, “Gold vs US Dollar”
XAUUSD is trading at 1873.00; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s downside border at 1845.00 and then resume moving upwards to reach 1945.00. Another signal in favor of a further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1815.00. In this case, the pair may continue falling towards 1780.00. To confirm further growth, the asset must break the cloud’s upside border and fix above 1895.00. Read more…
Gold Price Analysis: XAU/USD remains confined in a range, forming a symmetrical triangle
Gold seesawed between tepid gains/minor losses for the second consecutive day and remained confined in a range, around the $1850-60 region through the mid-European session on Tuesday.
Meanwhile, the precious metal has been oscillating between two converging trend-lines over the past one-week or so. The range-bound price action now seemed to constitute the formation of a symmetrical triangle, which often marks a continuation of the prior trend. Read more…
Gold Price Analysis: XAU/USD holds steady, flat-lined around $1855 region
Gold seesawed between tepid gains/minor losses through the early European session and was last seen hovering in the neutral territory, around the $1855 region.
Following the previous day’s two-way price moves and an early uptick to the $1862 area on Tuesday, the precious metal witnessed some selling and was pressured by a goodish pickup in the US dollar demand. Doubts over the size and timing of the US stimulus provided a modest lift to the greenback, which, in turn, was seen weighing on the dollar-denominated commodity. Read more…