Gold Price News and Forecast: XAU/USD is breaking below the 1600 mark
|Gold Price Analysis: XAU/USD loses the 1600 mark as bears drive gold to four-day lows
Bears seem to have taken over as the market is losing the 1600 support and the 200 SMA. A daily close below the 1600 mark could be seen as bearish with a potential decline towards the 1560 and 1520 levels in the medium term. Resistances are seen near the 1600, 1614 and 1636 levels on the way up.
Gold: Precious metals are backing down slightly
The gold futures contract lost 0.66% on Monday, as it continued to fluctuate following last week’s Monday’s – Tuesday’s rally. The market reacted to the previous Sunday’s Fed unlimited Quantitative Easing announcement. Yellow metal has retraced all of the previous sell-off, as it got back close to March 9 medium-term high of $1,704.30. Since then, gold is trading within the mentioned short-term consolidation.
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