On Thursday, gold oscillated between tepid gains and slight losses before settling with modest increases for the third straight session. According to Haresh Menghani of FXStreet, the near-term bias remains in favor of XAU/USD bulls.
“Market players are now anticipating the release of the US monthly retail sales numbers, which will be released later in the early North American session. Aside from that, US bond rates will have an impact on USD price dynamics and give the XAU/USD a boost.”
“On the final day of the week, traders will take cues from broader market risk sentiment and developments surrounding the coronavirus drama for some big possibilities.”
“It now appears that some follow-through strength towards the $1,845-46 range, en route to the next significant hurdle at the $$1,866 level, is a possible possibility. Bulls may prolong their momentum until the $1,880 level before attempting to retake the $1,900 round-figure milestone.”
“The overnight swing lows, around $1,820, are now protecting the immediate downside by approaching the trading range resistance breakpoint. Any additional pullback near the $1,808-07 zone could be viewed as a buying opportunity. The $1,800 mark is next, which if strongly violated would nullify any near-term positive bias and trigger some intense technical selling around the XAU/USD.”/n
