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Forex

Gold price forecast: XAUUSD holds above $1284

ADS Securities | May. 8, 2019
Gold price forecast: XAUUSD holds above $1284

8 May 2019, AtoZ Markets – Gold extended its sideways consolidative price action during yesterday's and today's early session as prices are still oscillating between the $1280 and the $1285 levels. The yellow metal is yet to extend in neither of its directions and has been confined to a sideways channel as speculators scalp the channel while watching very carefully the news.

Despite the latest escalation in the US-China trade tensions, the fact that negotiations will continue this week eased concerns about a full-blown trade war between the world's two largest economies and dampened the precious metal safe-haven status. However, the ongoing slide in the US Treasury bond yields extended some additional support to the non-yielding yellow metal and further collaborated to a range-bound price action amid absent relevant market moving economic releases from the US.

Gold price technical forecast

Gold prices are having a hard time gathering the right momentum to break above near resistance levels after printing a high of $1285.73 per ounce so far this week. The price is currently trading just above the $1284 level with a relatively bullish momentum as the RSI points out. The upside will remain in our focus and we expect the price to break above the 1285.35 resistance level. The main level to watch will be $1288.35 resistance level.

Support: 1280.11/ 1277.18
Resistance: 1282.19/ 1285.35

Chart (H4)

Gold price forecast

ADS Securities Risk Disclaimer

This article was provided by ADS Securities analysts.

Trading foreign exchange, foreign exchange options, foreign exchange forwards, contracts for difference, bullion and other over-the-counter products carries a high level of risk. Hence, it may not be suitable for all investors.

All opinions, news, analysis, prices or other information contained in this communication are provided as general market commentary. It does not constitute investment advice. Nor a solicitation or recommendation for you to buy or sell any over-the-counter product or another financial instrument.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.