Gold is attempting to snap a two-weekly losing streak with a key range-breakout pending ahead of NFPs tomorrow. Battle lines ...
Gold bulls have made a statement with the rally from last February’s low below the $2k level. The question now is whether a crowded trade can continue to run the breakout at historically overbought levels.
In the last two trading sessions, gold has declined by just over 2% after attempting to consolidate around its historical high levels, as demand for safe-haven assets has weakened in the short term.
A breakout of the monthly range takes gold into uptrend resistance and the first major test for the bulls. Battlelines drawn on the XAU/USD short-term technical charts.
Gold is attempting a second weekly advance but remains vulnerable while below technical resistance. Battle lines drawn on the XAU/USD weekly technical chart.
Gold outlook dulled by improved sentiment around US-China trade talks, yet the metal was trading higher on the week at the time of writing. Investors will be eying key US data for next directional move in XAU/USD.
Gold was trading higher first thing this morning, despite hopes that the US and China will put their differences aside and work on a trade deal.
Over the past five trading sessions, gold has once again attempted to reach its all-time high zone, located around $3,400 per ounce.
The US Dollar remains near multi-year lows but whether USD bears can take over seems driven by macro dynamics in USD/JPY.
Silver just posted its biggest gain since October, tearing through resistance and closing in on multi-decade highs. With momentum on the bulls' side, could this be the moment silver breaks free?
The bullish gold forecast has taken a boost as trade tensions have returned to the headlines. And with bond markets wobbling, gold could be setting up for another leg higher.
Gold prices failed at resistance this week with the bulls eyeing support at the yearly uptrend. Levels that matter on the XAU/USD short-term technical charts into June.
