XAU/USD consolidates the downside within a pennant on the 1H chart. RSI has turned south while trending well below the midline. US NFP holds the key as gold struggles below $1700. Having hit nine-month lows at $1687 earlier this Friday, Gold (XAU/USD) bulls are struggling to extend the recovery above the $1700 level. Gold prices have entered a phase of consolidation following a failure to find acceptance above the latter on a couple of occasions. Thus, XAU/USD carved out a pennant pattern on the hourly sticks. Gold Price Chart: Four-hour An hourly closing below the rising trendline support at $1691 could validate a pennant breakdown, opening floors for a test of $1674/72 levels, which is the confluence of the pattern target and the June 2020 low. The relative strength index (RSI) has turned south while trending within the bearish zone, suggesting that there is more scope to the downside. Alternatively, a sustained move above the $1700 level, the convergence of the bearish 21-hourly moving average (HMA) and the pattern resistance, could revive the recovery momentum toward the 50-HMA at $1710. Gold Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next NZD/USD dives to one-month lows, below mid-0.7100s amid notable USD demand FX Street 1 year XAU/USD consolidates the downside within a pennant on the 1H chart. RSI has turned south while trending well below the midline. US NFP holds the key as gold struggles below $1700. Having hit nine-month lows at $1687 earlier this Friday, Gold (XAU/USD) bulls are struggling to extend the recovery above the $1700 level. Gold prices have entered a phase of consolidation following a failure to find acceptance above the latter on a couple of occasions. Thus, XAU/USD carved out a pennant pattern on the hourly sticks. Gold Price Chart: Four-hour An hourly closing below the rising trendline support at… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
