Gold Price News and Forecast: XAU/USD bulls tiring, head and shoulders in play
|Gold Price Analysis: XAU/USD eases to sub-$2,040 area, bearish MACD becomes the concern
Gold prices stay pressured around $2,038.36 during the pre-Tokyo open session on Thursday. The yellow metal pierced a $2,050 psychological magnet while refreshing the record high on the previous day. However, the recent consolidation gains market attention due to the bearish MACD signals and nearby support line.
Hence, sellers await the downside break of $2,038 to take fresh entries while targeting an ascending trend line from July 28, at $1,993. In doing so, Wednesday’s bottom near $2,010 and the $2,000 threshold can offer intermediate halts.
Gold Price Analysis: Bulls tiring, head and shoulders in play
The price of gold has galloped ahead in the $2,000's to a high of $2,055.71 on Wednesday in the US session. However, a bearish pattern has emerged in the form of a bearish head and shoulders on the hourly time frame.
While gold had started to show signs of consolidation, continued weakness in the USD, a break below -1% in 10yr real rates and signaling that the Fed is weighing the abandoning of preemptive rate moves have combined to see the yellow metal break higher, analysts at TD Securities argued.
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