Gold: Bulls need a weekly close above 1905 for the next buy signal
Gold Spot made a break above 1845/50 for a buy signal & even dipped back to our buying opportunity at 1845/40 to kindly give us a second chance to buy in. We bottomed exactly here before we shot higher to our targets of 1864/66 & strong resistance at 1888/92 for profit taking, where we expected a high for the day.
Another great call as we topped at 1895. Silver Spot we bought on the break above 2490, with our buy signal targeting 2505, 2525/30, 2550 & the November high at 2595/99. All targets hit with longs offering up to 100 points profit this week. Read more…
Gold Price Analysis: XAU/USD flirts with session lows, downside seems limited
Gold remained depressed through the first half of the European session and was last seen hovering near daily lows, around the $1880 region.
The precious metal edged lower on the last trading day of the week and retreated further from the vicinity of the $1900 mark, or one-month tops touched on Thursday. Given that the US congressional negotiators are yet to agree over a new coronavirus-relief package, the US dollar witnessed some short-covering bounce amid near-term oversold conditions. This, in turn, was seen as one of the key factors that exerted some downward pressure on the dollar-denominated commodity. Read more…
Gold Price Analysis: XAU/USD reverses intraday dip, flat-lined around $1885 region
Gold reversed an intraday dip to the $1877 area and refreshed daily tops during the mid-European session. The commodity was last seen trading near the $1887-88 region, well within the striking distance of one-month tops touched on Thursday.
Credit: FX Street