Gold price accelerated higher on Friday, offsetting initial negative signal that was developing on daily chart, from Thursday’s Hanging man candlestick.
XAU/USD Fresh gains came ticks ahead of gold’s record high and signaling that bulls remain firmly in play. The yellow metal is on track for a fourth consecutive weekly gain and about 6% advance in January, with recent rally being sparked by uncertainty surrounding President Trump’s trade policies, particularly the latest signals about softer approach to China tariffs and possible trade deal, as well as his calls to lower interest rates.
Fundamentals are likely to remain favorable as reality somewhat diverges from Trump’s post-election rhetoric, particularly in foreign policies, while technical studies remain in firm bullish configuration on daily and weekly chart and underpin the action. Recent break above bull channel resistance trendline signaled that bulls tighten grip. However, bulls may face increased headwinds from very significant $2790/$2800 resistance zone and enter consolidative phase before resuming higher.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: XAU/USD attracts some sellers below $2,700, eyes on Trump's inaugurationGold price (XAU/USD) extends its decline to near $2,695 during the early Asian session on Monday.
Read more »
Gold Price Forecast: XAU/USD holds around $2,610 ahead of Christmas EveThe Gold price remains relatively steady around the $2,611 mark, as market participants adjust to a more cautious outlook on US interest rates.
Read more »
Gold (XAU/USD) Price Analysis: Targeting 2804.4This technical article analyzes the GOLD (XAU/USD) price trend, identifying a bullish 5-wave pattern from the December 18th low. The article discusses Elliott Wave analysis, target projections, and potential pullbacks. It highlights key levels and advises traders on navigating the market.
Read more »
Gold Stocks: A Potential Outperformance Opportunity in 2024This article discusses the potential for gold and gold stocks to outperform in 2024 amidst market uncertainty. It analyzes the performance of GLD and GDX, highlighting the underperformance of gold stocks compared to gold. The article suggests that a 'catch up' trade could be in play, with gold stocks closing the gap with stronger gold prices. It also identifies Kinross Gold Corp. (KGC) as a top performer within the gold space.
Read more »
Gold price depreciates amid light trading, downside seems limited due to safe-haven demandGold price (XAU/USD) edges lower amid thin trading following the Christmas holiday, trading near $2,630 during the Asian session on Friday.
Read more »
Gold positions for a breakout ahead of December’s NFP reportGold’s price (XAU/USD) is set to keep its winning streak for a fourth straight day this week, currently trading around $2,680 at the time of writing on Friday.
Read more »