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Gold Analysis: XAU/USD could test $ 1270 on broad based USD selling

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    As well anticipated on Friday, the XAU/USD pair (gold price in terms of USD) rallied to fresh three-week highs of 1258.81 on Monday, after having witnessed a falling channel bullish breakout on daily charts on Thursday. Fundamentally, the gold price rally was fuelled by broad based US dollar selling on the back of diminishing odds of Fed rate hikes this year. The CME Fed Watch tool that tracks the Fed funds futures, on which traders bet to gauge the direction of US interest rates, showed 49%

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