XAU/USD jumps 0.8%, confirming wedge breakout

Gold Price Analysis: Jumps 0.8%, confirming wedge breakout

Gold is currently trading at $1,483 per Oz, representing a 0.8% gain on the day. The hourly chart is now reporting a falling wedge breakout, a bullish reversal pattern. The hourly relative strength index has broken out of a two-day long sideways channel, validating the breakout on the price chart. 

The yellow metal could rise to challenge the immediate resistance near $1,495, which is breached, would expose the psychological hurdle of $1,500. On the downside, key support is located at $1,545-$1,451.  A violation there would imply a continuation of the broader decline from recent highs above $1,700.

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Gold: Marks three-day losing streak, towards $1,450, despite fresh risk-off

With the fresh risk-off and news of further efforts by the Trump administration to combat against the coronavirus (COVID-19) helping the US dollar, Gold prices remain under pressure around $1,467, with a low of $1,455, amid the Asian session on Friday.

The US Senate GOP announced its third proposal and is close to the final bill, likely on Monday, to ward off the negative economic implications of the deadly virus. Further, New York Mayor anticipates running out of medical supplies and challenge the risk-tone.

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