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Gold Price Forecast: XAU/USD Surges to Resistance- Bulls to Face Fed

From forex.com

Gold prices have advanced for four straight weeks, with XAU/USD stalling into resistance at fresh record highs. The focus now shifts to the FOMC interest rate decision next week and while the broader outlook remains constructive, the immediate advance may be vulnerable in the near-term. Battle lines drawn on the XAU/USD weekly technical chart into the Fed. In last month’s Gold Technical Forecast we noted that XAU/USD was, “attempting to breakout of a multi-month consolidation pattern, just below resistance. From a trading standpoint, losses would need to be limited to the February trendline IF price is heading higher ... (full story)

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  • Category: Technical Analysis