Gold Price Analysis: XAU/USD remains vulnerable to downside extension
The price of gold, measured by XAU/USD and which fell shy of the $1,800 psychological level by just 0.76%, or $13.50, has been under pressure to start the new month.
Gold: The XAU/USD bulls are again pushing ahead
Gold broke the shackles of a two month consolidation range last week as it moved higher through the old key May peak of $1764. After a few days consolidating this breakout, the gold bulls are again pushing ahead. Yesterday’s close beyond resistance at $1779 continues the move as the uptrend of the past three weeks guides the market to new multi-year highs. This breakout looks to be made on more solid ground, with decisive strength of momentum. Stochastics are holding consistently above 80, whilst RSI is into the high 60s and MACD lines are tracking decisively higher.
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