Gold prices are holding steady amid lack of volatility. Prices are rising modestly after a decline the day before. Economic data remains sparse and investors are picking up cues from the global themes including the Coronavirus and the US monetary policy. Fed Chair Powell gave his second day of testimony to the Congress.
XAU/USD Retesting the Resistance
A day after posting some modest declines, gold is back close to testing the resistance area of 1573 – 1569. With the Stochastics oscillator hinting at a possible move higher, we could see some pickup in momentum. But gold needs to clearly break past the resistance area to confirm further upside. Secondly, it also needs to break past the previous pivot highs to maintain the uptrend.
