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Gold price forecast: XAUUSD surrenders gains to $1288

ADS Securities | May. 10, 2019
Gold price forecast: XAUUSD surrenders gains to $1288

10 May 2019, AtoZ MarketsIn this Gold price forecast, XAUUSD has surrendered a major part of its early modest gains to the $1288 area and might now be headed towards the middle of its daily trading range after receiving support again from the $1280 level. After Wednesday's sharp intraday pull-back from three-week tops, the precious metal regained some positive traction on Thursday and was being supported by the global flight to safety amid the recent escalation of US-China trade tensions.

However, the ongoing sharp decline in the US Treasury bond yields, with the yield on the benchmark 10-year government bond now down over 4bps, extended some support the non-yielding yellow metal and might help limit deeper losses but the main focus remains glued to two-day high-level US-China trade negotiations.

Gold price technical forecast
Gold price forecast, XAUUSD gains

Gold prices edged higher again as expected to retest the trend line presented on the chart and printed a daily high of $1288.09 per ounce, but quickly erased again the gains in a repeated scenario to find support at 1280 level. The price is currently trading just below the 1285.34 resistance level as the momentum is starting to build up. Our focus remains on the upside while still expecting to break above the trend line and settling above it.

Support: 1282.19/ 1280.11
Resistance: 1285.35/ 1288.35

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.

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