Analysis by DeGRAM

XAUUSD Price Analysis – Potential Movement to the Upside

With the recent breakout to the upside, the Gold metal has been in consolidation. However, with the fresh sentiments from global events such as the reignited tensions between the United States and Iran, this may prop up the yellow metal further.  The entire geopolitical atmosphere coupled with the upcoming FOMC decision will steer the price of Gold in the next upcoming weeks.

On the technical side, the price has consolidated around a strong support at $1945 and may rally to the upside given that there is no break to the downside. Given the nature of the number tests on the support, bulls may take control of the market to shift the price upwards to break past the higher resistance.

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