Gold Price News and Forecast: XAU/USD turning bullish

Gold spot beats resistance at 1815/18

Gold Spot beats resistance at 1815/18 for a buy signal targeting 1828/29, 1832/34 & topped exactly at strong resistance at 1840/45. We did turn lower as predicted to 1826/24 & bottomed exactly here.

Gold topped exactly at strong resistance at 1840/45 on the second test over night. Holding here re-targets 1832/30, probably as far as first support at 1826/24. If we continue lower this time there is an excellent buying opportunity at 1814/12, with stops below 1808. Read more...

Gold turning bullish

GOLD has been trading in a bigger correction since August, when price completed a bigger impulsive move labelled as wave III), and metal made an impulsive turn lower. We labelled a three-wave corrective move on gold since August, where wave A was an impulse, and corrective wave B a triangle correction. A triangle pattern in wave B was regarded as completed, once price started breaking below the lower triangle line and 1850 level. We can see that later wave C unfolded a five-wave move, and found possible support and a low for a bigger corrective wave IV) at the 1764 level, as new impulsive recovery started taking place, and metal breached above the upper trendline (which is another sign of a change in trend).

Now price can be turning back to the bullish path on gold, however we would still like to see a break above the 1850 bullish level for a confirmation that a bigger correction is completed, and a new five-wave, bullish cycle underway. Read more...

Gold Price Analysis: XAU/USD holds steady near two-week tops, just below $1845 level

Gold traded with a mild positive bias through the early European session and was last seen hovering near two-week tops, just below the $1845 level.

The precious metal built on this week's goodish rebound from the $1764 region, or five-month lows and edged higher for the fourth consecutive session on Friday. The uptick was supported by the prevalent bearish sentiment surrounding the US dollar, which tends to benefit dollar-denominated commodities, including gold. Read more...