Gold Price News and Forecast: XAU/USD price might be dropping from the megaphone top
|Gold: 1970 is the better selling opportunity this week
Gold Spot in a volatile sideways consolidation exactly as predicted many days ago, making holding longs risky at this stage despite the longer term bull trend. There are risks of a further correction to the downside.
Initially we held below 1925/20 for a sell signal targeting 1902/00 & bottomed exactly here. An unexpectedly strong recovery shot higher through 1930 to the next target & resistance at 1951/53. We topped exactly here. Outlook remains erratic & volatile. Read More...
Gold price might be dropping from the megaphone top
Gold is currently in an intraweek downtrend. We still might expect selling the rallies and bearish continuation moves.
On the H1 chart, we can spot huge bearish Head and Shoulders pattern which is looming above the price. 1966-70 zone is the POC where sellers should appear. If we don't see a retracement towards the POC zone, watch for a continuation below D L4 camarilla – 1925. Targets are 1919 followed by 1908 and 1900. Only a move above 1982 will temporary negate the bearish scenario. Read More...
Gold Price Analysis: XAU/USD trades with modest losses, around $1945-40 region
Gold maintained its offered tone through the early European session and was last seen hovering near the lower end of its daily trading range, around the $1940 region.
The precious metal failed to capitalize on the previous day's goodish rebound from the $1900 neighbourhood, or two-week lows and met with some fresh supply on Thursday. The downtick lacked any obvious fundamental catalyst and could be solely attributed to some technical selling from the $1955 supply zone. Read More...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.