XAU Trading Outlook
XAU/USD came under pressure falling from $1708 as USD strengthened reaching $1677 lows. Now the price is coming up to test the $1700 level again with no clear break as yet. The more critical level to the topside is $1712 and there is a preference to sell below this with initial support at $1684 followed by $1667.
XAU/USD broke $1700.00 to the topside and reached $1709 highs however early UK trading took this lower on USD strength. Initially it came down to test $1685 but as the north American traders came into play gold was pushed down lower to $1677. The near-term support is $1676 followed by $1667 and there is a preference to sell below the pivot point $1712.
XAU/USD broke through the $16980- $1700 support in yesterdays trading coming down to $1667 lows. The short-term outlook is that the price will consolidate whilst the mid-term outlook is bullish. In the ST there is a preference to sell below $1700 if the level holds but on the breakout the price could move to $1713.
XAU/USD has fallen on USD strength this morning from $1723 moving through the initial support $1710-12. It now comes down to test the critical $1696 – 1700 zone. There is a preference to sell below the $1735 if the price retraces to towards that level.
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