Gold Price Forecast: Bull Flag Breakout in Progress - Levels for XAU/USD
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Gold Price Outlook:
Gold prices have held above multi-month bull flag resistance, increasing confidence that a march back to all-time highs has begun.
Weakness in US Treasury yields and the US Dollar (via the DXY Index) are helping give gold prices a fundamental boost on Monday.
According to the IG Client Sentiment Index, gold prices have a mixed bias in the near-term.
Holding onto Gains
Gold prices have continued their advance at the start of the new week gaining just over +0.1% as both US Treasury yields and the US Dollar (via the DXY Index) have softened. Markets continue to keep a close eye on the cryptocurrency world after another wave of intense selling over the weekend was met by a fresh round of dip buyers. Given gold’s success during the cryptocurrency selloff, there’s a strong case to be made that further weakness in crypto markets could help cater to higher gold prices in the
Gold Price Forecast: Progressing Towards Multi-Month Resistance - Levels for XAU/USD
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Gold Price Outlook:
Despite inflation fears rearing their head with rippling effects across global financial markets, gold prices have enjoyed a strong run since early-April, and have weathered ‘the storm’ around US inflation data this week.
Seasonality, May has been one of the worst, if not the worst, months of the year for gold prices, which may prove to be a headwind in an environment that has proved bullish otherwise.
According to the IG Client Sentiment Index, gold prices have a bearish bias in the near-term.
Two Steps Forward, One Step Back, Two Steps Forward…