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XAU/USD continues to press current resistance

XAU/USD continues to press current resistance
Gold holds support as traders watch $4,800

​Gold prices were capped during yesterday session by resistance near $4,800 per ounce.

Selling from that level triggered a pullback toward support in the $4,740-$4,730 range, where moderate demand has emerged.

As long as gold prices remain above this zone, the chances stay high for another test of resistance around $4,800 per ounce.

If support is broken, a decline toward the $4,700-$4,680 area may follow.

Demand from central banks continues to support gold, although profit-taking on long positions cannot be ruled out during rallies.

The long-term outlook remains positive.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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