Gold pulls back towards $1,750 ahead of Biden-Xi talks, Fed’s pivot eyed
Gold price (XAUUSD) consolidates the biggest weekly gains since March 2020 around $1,762 during Monday’s Asian session. In doing so, the bright metal prints mild losses inside a one-week-old bullish chart pattern.
Gold price is seeing a brief so-called bull flag formation on the daily timeframe, taking cues from the recent price action.
Therefore, another leg higher cannot be ruled out toward the $1,800 mark, especially after the bright metal closed Thursday above the psychological $1,750 barrier. The bearish 200-Daily Moving Average (DMA) aligns near the $1,800 level.
The bullish 14-day Relative Strength Index (RSI) still lurks beneath the overbought territory, suggesting that there is more room to the upside.
Before resuming the uptrend, Gold price could correct toward the $1,740 round figure, below which the October high at $1,730 will be back in play.
Gold price (XAUUSD) consolidates the biggest weekly gains since March 2020 around $1,762 during Monday’s Asian session. In doing so, the bright metal prints mild losses inside a one-week-old bullish chart pattern.
Gold price is seeing a brief so-called bull flag formation on the daily timeframe, taking cues from the recent price action.
Therefore, another leg higher cannot be ruled out toward the $1,800 mark, especially after the bright metal closed Thursday above the psychological $1,750 barrier. The bearish 200-Daily Moving Average (DMA) aligns near the $1,800 level.
The bullish 14-day Relative Strength Index (RSI) still lurks beneath the overbought territory, suggesting that there is more room to the upside.
Before resuming the uptrend, Gold price could correct toward the $1,740 round figure, below which the October high at $1,730 will be back in play.