Next Area of Resistance for Gold: $1486
Gold prices are set to print a sixth consecutive weekly gain. The next area of resistance to watch out for falls at $1486.
Technical
Gold Prices Soar Higher Overnight on Dovish Fed
The Fed meeting on Wednesday provided the catalyst gold needed to make a significant break that sees the yellow metal trading at levels not seen in around half a decade.
Gold Under Pressure Ahead of Fed Meeting
Gold has had rallies capped by upside resistance at $1350 over the past 24 hours but at the same time is holding the downside. Today’s Fed meeting will be an important one and the yellow metals should take its direction from it.
Gold Technical Pattern Target Hit
Gold has completed an inverted head and shoulders pattern and is pushing against some important resistance at the start of North American trading.
Gold Daily Technical Analysis – Inverted Head & Shoulders In Play
A technical pattern is in play for Gold prices that suggests some upside over the near-term
Gold Price Daily Forecast – 100 Hour MA is in Play
The price of gold trickled lower in early European trading on Monday. A support confluence is currently being tested and stands to trigger a bounce.
Gold Weekly Price Forecast – Is Gold Breaking Out?
Gold traded at a 14-month high in the past week and threatened a breakout that could have had significant long term bullish implications. However, the yellow metal retreated in the late week to give back the entire weeks gain.