Gold Price News and Forecast: XAU/USD bulls looking to test hourly resistance structure
|Gold Price Analysis: Bulls looking to test hourly resistance structure
On a day where stocks have fallen and the US dollar has risen, the precious metals are under pressure again. The following is an analysis of the intermarkets affecting the value of gold on Thursday and illustrates the importance of XAU/USD hourly structure at this juncture.
First and foremost, the dollar has risen on a day where the stock markets have seen traders hitting the bid.
Gold analysis: Fails to reach 1,800.00
The yellow metal made two attempts to reach the resistance of the 1,800.00 level. Both of them failed. On Thursday, the rate was declining, as by the middle of the day's European trading hours, the rate had almost reached the 55 and 100-hour simple moving averages.
If the 55 and 100-hour simple moving averages provide enough support, the commodity price could reach higher and make another attempt to pass the 1,800.00 level.
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