XAU/USD: Gold prices retreats to 1223.60 support

XAU/USD: Gold prices retreats to 1223.60 support

What is going on with XAU/USD?

XAU/USD: Gold prices bounced in yesterdays session at 1211.00 support in the 60 minutes price chart. The pair pierced through it 500 EMA at 1218.95 and reached 1226.00 before pulling back to its 500 EMA. Gold prices extended its run to the upside during the overnight session and reached 1229.00 before retreating to 1223.60 support in today's session. 

Our forecast

XAU/USD: Gold prices still hanging on to its position above 1223.60 support and needs to maintain at this course to re-test 1226.00 and 1229.00 resistance. Gold prices could retreat to 1221.65 and 1218.95 if it fails to remain above 1223.60 support.

Support/Short- 1223.60, 1221.65, and 1218.95

Resistance/ Long Target -1226.00, 1229.00, and 1232.20

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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