Gold New York Price Forecast: XAU/USD holds above $1700.00/oz, bullish

 

 

 

 

XAU/USD consolidates the advance originating from mid-March as the metal trades just above the 1700.00 mark but below the 50/100SMAs on the four-hour chart and above the 200 SMA. XAU/USD bullish bias remains intact with bulls looking for a break above the 1740.00 level on a daily closing basis which could open the doors toward the 1740 and 1780/1800 resistance zone. On the flip side, support is expected to emerge near 1700/1690 price level in the medium-term while further down lies the 1660 level.