XAU/USD: Gold prices pushed on; Expect stiff resistance at 1221.70
XAU/USD: Gold prices pushed on; Expect stiff resistance at 1221.70
What is going on with XAU/USD?
XAU/USD: Gold prices slipped below 1221.70 support on Friday's session and finished the last session at the bottom of the consolidation channel at 1217.75. Gold prices picked up from where it finished off in last week in today's opening trades and pushed prices back up to the top of the channel at 1221.70.
Our forecast
XAU/USD: Gold prices currently trade at 1222.46 just above 1221.70 support and could continue to 1226.54 if it holds above 1221.70 If it fails to breakout at1221.70, then we expect Gold prices to continue to consolidate again until it breaks out. A break below 1217.75 could drive prices down to 1212.70 and 1207.90.
Support - 1217.75, 1212.70, and 1207.90
Resistance - 1221.70, 1226.54, and 1232.60
Chart 1: The short-term view of the XAU/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the XAU/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
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