Gold bulls are meeting critical resistance, all eyes on Fed speakers and Russian diplomacy. XAU/USD, was little changed on Friday, but the trend followers are still engaged with traders seeking safe-haven assets.
XAU/USD Price Forecast: Technical outlook
On Thursday, the non-yielding metal pierced the $1,900 mark for the first time since last June. However, XAU bulls’ failure to record a daily close left the yellow metal subject of a mean reversion move.
On Friday, XAU/USD consolidated in a $14.00 range. Should gold close within the range, a move towards February 15 daily high, resistance/support at $1,879 is on the cards, as XAU bulls prepare for an assault of $1,900. That scenario plays out, XAU/USD first resistance is $1,900.
However The breach of it opens the door towards $1,916, which, once cleared, will expose January 2021 highs at $1,959. However to my opinions i think there a short position to be placed when the price reaches to a strong resistance zone on 1900 region, just wait for confirmation and take trade.. safely
This are just my Assumptions......
XAU/USD Price Forecast: Technical outlook
On Thursday, the non-yielding metal pierced the $1,900 mark for the first time since last June. However, XAU bulls’ failure to record a daily close left the yellow metal subject of a mean reversion move.
On Friday, XAU/USD consolidated in a $14.00 range. Should gold close within the range, a move towards February 15 daily high, resistance/support at $1,879 is on the cards, as XAU bulls prepare for an assault of $1,900. That scenario plays out, XAU/USD first resistance is $1,900.
However The breach of it opens the door towards $1,916, which, once cleared, will expose January 2021 highs at $1,959. However to my opinions i think there a short position to be placed when the price reaches to a strong resistance zone on 1900 region, just wait for confirmation and take trade.. safely
This are just my Assumptions......