XAU/USD: Gold prices could reverse if it holds above 1700
Gold prices have been trending downwards for the past two weeks, from its highs at 1765, and reaching lows of 1694. The hope of a potential vaccine for COVID 19 has boosted investors' confidence, which saw gold prices fell while the Major stock Indices return to its previous highs.
The escalation tension between the US and China plus the Hongkong crisis can not be ignored. Gold prices currently trade above 1700, a critical support level which saw prices reacted aggressively in the past. If it holds above 1700, the first target is at around 1724.90 Another crucial point to watch is around 1682.30
Gold prices have been trending downwards for the past two weeks, from its highs at 1765, and reaching lows of 1694. The hope of a potential vaccine for COVID 19 has boosted investors' confidence, which saw gold prices fell while the Major stock Indices return to its previous highs.
The escalation tension between the US and China plus the Hongkong crisis can not be ignored. Gold prices currently trade above 1700, a critical support level which saw prices reacted aggressively in the past. If it holds above 1700, the first target is at around 1724.90 Another crucial point to watch is around 1682.30