Gold New York Price Forecast: XAU/USD holds above $1700/oz after disappointing US GDP

 

 

 

 

XAU/USD is consolidating the advance started in mid-March as the metal stays above the 100/200 SMAs on the four-hour chart. XAU/USD keeps a strong bullish momentum as buyers are still looking for a break above the 1740.00 level on a daily closing basis which should open the gates toward the 1740 and 1780/1800 resistance zone. Conversely, support should emerge near 1700/1690 price level for the medium-term and further down lies the 1660 level. Freshly released the US GDP came in worse-than-anticipated contracting 4.8% in the first quarter of this year.