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Gold Price Analysis: XAU/USD dives out of a bear flag despite President Trump’s impeachment
Gold is trading near $1,848 per ounce at press time, representing a 018% gain on the day. The yellow metal printed a low of $1,842 during the overnight trade and confirmed a bear flag breakdown, a bearish continuation pattern, on the 4-hour chart despite the political turmoil in Washington.
Gold Price Analysis: XAU/USD’s recovery at odds with the US dollar’s daily chart
The price of gold has started to stabilise and retrace a very sharp bearish impulse from the $1910/20 area. It has been a US dollar story for the most part which has driven the value of the precious metal lower, in a move sparked off by rising US yields.
“Positioning data immediately following last week’s surprise Blue Sweep highlights just how little dry-powder gold bugs had remaining,” analysts at TD Securities explained.
This article was originally published by Fxstreet.com. Read the original article here.