With the European equity market picking up buoyancy and the budding US-China tensions causing the dollar to be in demand, gold has remained under pressure for most of today.
General Manager of ABC Bullion in Sydney, Nick Frappell, said in his weekly preview that gold might drop to the $1712-10 support levels in the short term. However, he strongly believes that if this happens, it could pave the way for a very powerful bullish breakout.
Also, Japan has announced that it is ready to remove the state of emergency restriction in five regions in the country ahead of schedule. This decision is indicative that the coronavirus pandemic is slowing down in several parts of the world, giving riskier assets more demand.
Gold (XAU) Value Forecast — May 25
XAU/USD Major Bias: Bullish
Supply Levels: $1,745, $1,763, and $1,797
Demand Levels: $1,722, $1,717, and $1,700
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