Gold Price News and Forecast: XAU/USD drops below $1,900, taking weekly loss to 7.4%
|Gold Price Analysis: XAU/USD drops below $1,900, eyes rising trendline support
Gold is fast approaching support of the ascending trendline rising from March 20 and June 5 lows, having breached the psychological support of $1,900 a few minutes before press time.
The yellow metal is currently trading near $1,880 per ounce and the rising trendline support is located at $1,860. The 14-day relative strength index has breached the trendline representing the bull run from lows near $1,450 seen in March. The indicator is now hovering in bearish territory below 50.
Breaking: Gold drops below $1,900, taking weekly loss to 7.4%
Gold has fallen below $1,900 for the first time since July 24. The yellow metal is currently trading near $1,880, representing a 1.6% decline on the day. Prices fell by 5.72% on Tuesday to register the biggest single-day decline in seven years as the US 10-year yield jumped by over six basis points. The zero-yielding metal usually faces selling pressure when yields rise.
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