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Gold Analysis: Consolidates the upside before US dataflow, $ 1250 eyed

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    XAU/USD (gold price in terms of USD) swung back into gains on Wednesday and rose as high as 1244.10, completely ignoring stronger than expected US ADP numbers. The prices also ignored the risk-on rally in the global equities as the $ 20 rise in the bullion was mainly chart-driven, while strong ETF inflows also underpinned the sentiment around the safe-haven. Technically, the daily chart showed the price trend on a gradual northwards path, with the bulls aiming to conquer 1250 barrier. While

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