Gold Price Forecast: XAU/USD's near-term downtrend might still be far from over
|Gold, so far, has been struggling to register any meaningful recovery. The lack of bullish conviction suggests that further losses are probable, FXStreet’s Haresh Menghani reports.
XAU/USD remains vulnerable
“A fall below the $1,620 area (YTD low), en route to the $1,600-$1,590 region, remains a distinct possibility. Some follow-through selling will be seen as a fresh trigger for bearish traders and drag gold towards the $1,567-$1,565 support zone. The downward trajectory could extend towards the $1,530-$1,528 region, below which the XAU/USD might aim to challenge the $1,500 psychological mark.”
“The overnight swing high, around the $1,640-$1,642 area, now seems to act as immediate resistance. This is followed by the trading range support breakpoint, around the $1,654-$1,656 region, which if cleared might trigger a short-covering move towards the $1,675-$1,676 supply zone. Some follow-through buying will negate any near-term negative bias and pave the way for additional gains towards the $1,700 mark.”
See – Gold Price Forecast: XAU/USD seen at $1,620 by year-end – ANZ
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