EasyCashbackfx 2022-09-08 14:52:15
GOLD Price and forex markets Analysis: Calm Before the Storm
Gold prices consolidate ahead of Powell speech, watch for trendline breakout
The price of gold (XAU/USD) was showing weak momentum ahead of Jerome Powell's speech. During the Asian session, the precious metal traded between $1,713 and $1,719.
In previous recovery attempts, gold prices encountered strong resistance near the 50-period SMA (4-hour chart). However, the metal has managed to jump above this level. Although the price consolidated gains after a broad rally with very high volume, the probability of an upside is high.
The downtrend line is likely to resist further gains. However, a clear trendline breakout would attract more buyers and could lead to a surge to $1,726 before $1,740.
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