XAU/USD’s love affair with bullish trendline continues

Gold Price Forecast: XAU/USD looks north but Fed’s forward guidance holds the key

Gold (XAU/USD) has regained the bids above $1950 on Wednesday, having settled Tuesday a tad lower at $1954. The bright metal witnessed good two-way price swings a day before, mainly driven by the US dollar dynamics and global market sentiment, in absence of any significant US macro news. Gold rose to two-week highs of $1972 in the first half of the day, helped by notable US dollar supply. Upbeat Chinese activity numbers lifted the market mood and downed the dollar.

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Gold Price Analysis: XAU/USD’s love affair with bullish trendline continues

Gold is flirting with a six-month-rising trendline for the ninth consecutive trading day. At press time, the metal is trading just short of the ascending trendline at $1,956. The safe-haven metal hit a low of $1,906.80 on Sept. 8 and rose to a high of $1,972 on Tuesday. 

However, throughout the recovery rally, the bulls have persistently struggled to establish a foothold above the trendline hurdle. Meanwhile, bears have had a tough capitalizing on the occasional bull failure at the trendline hurdle. For instance, the ascending trendline was breached on Sept. 8 and Sept. 11. However, on both occasions, the follow-through was bullish. 

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