Gold Price News and Forecast: XAU/USD bears looking for some downside below $1,800
|Gold Price Analysis: XAU/USD below structure, bearish bias persists
The price of gold has failed to convince in the $1,800s without a break above $1,820, so far. Gold's surge had weighed on the dollar, but we are seeing a come back in the greenback as coronavirus themes sour markets.
This could equate to the immediate allure of the precious metal to fizzle out which brings the technicals into focus as it approaches its 2011 record high and a nearby 2016 uptrend Fibo-projected peak at $1,907.
Gold is now about 5% away from making a nearly decade-wide double-top by its 2011 record high at $1,920. Given that the greenback is not going down without a fight, there is a short term prospect for shorting opportunities in the yellow metal.
Gold Price Analysis: XAU/USD bears looking for some downside below $1,800 to 200-hour MA
The price of gold has been on the move on Thursday, taking on bullish commitments just below the psychological $1,800 level. We have seen a bearish spike from the resistance area between $1,816 and $1,818/16 and a test below the level for a low of $1,795 so far.
The bullish correction is meeting a 38.2% hourly Fibonacci level with the confluence of hourly swing lows/support, More on the technicals outlook below, but the prospects are favouring the bears at this juncture.
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