Gold Price News and Forecast: XAU/USD trades near upper pattern line

FXStreet Team FXStreet

Gold spot Intraday: The bias remains bullish

Our preference: Long positions above 1705.00 with targets at 1723.00 & 1730.00 in extension.

Alternative scenario: Below 1705.00 look for further downside with 1697.00 & 1690.00 as targets. Read more...

XAU/USD Analysis: Trades near upper pattern line

On Wednesday, the XAU/USD exchange rate reversed north from the lower boundary of the ascending triangle pattern. During today's morning, the rate was trading near the upper pattern line at 1,722.00.

From a theoretical perspective, it is likely that a reversal south could occur in the nearest future. Meanwhile, it is unlikely that a breakout from the pattern could occur due to the support formed by the 55-, 100– and 200-hour SMAs in the 1,705.00 area. Read more...

Gold Price Analysis: Upside remains capped by $1720 ahead of US Jobless Claims

Gold prices (XAU/USD) are off the highs and consolidate the latest uptick to near 1720 levels, as the bulls take a breather ahead of the critical US Jobless Claims data slated for release at 1230 GMT.

The safe-haven demand for the greenback extends into Thursday, as the risk sentiment sours on intensifying global recession fears, in the face of the coronavirus pandemic. The US dollar index trades better bid near two-day highs of 100.36. Therefore, the upside attempts in the yellow metal remain in check. Read more...

XAU/USD

Overview
Today last price	1715.65
Today Daily Change	-0.39
Today Daily Change %	-0.02
Today daily open	1716.04

Trends
Daily SMA20	1705.31
Daily SMA50	1650.73
Daily SMA100	1610.76
Daily SMA200	1551.63

Levels
Previous Daily High	1718.34
Previous Daily Low	1699.31
Previous Weekly High	1723.7
Previous Weekly Low	1682.3
Previous Monthly High	1747.82
Previous Monthly Low	1568.46
Daily Fibonacci 38.2%	1711.07
Daily Fibonacci 61.8%	1706.58
Daily Pivot Point S1	1704.12
Daily Pivot Point S2	1692.2
Daily Pivot Point S3	1685.09
Daily Pivot Point R1	1723.15
Daily Pivot Point R2	1730.26
Daily Pivot Point R3	1742.18

Author

FXStreet Team

FXStreet

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