Gold Price News and Forecast: XAU/USD prices crashed; be ready to sell a break below 1820
|Gold bearish ABC pattern aiming at $1,700 support
Gold (XAU/USD) is building a bull flag chart pattern (orange lines). Price action seems ready to break below the 21 ema zone. The main targets are the -27.2% and -61.8% Fibonacci targets.
The main target of XAU/USD with a bearish break below the 21 ema is the -61.8% Fibonacci. There is also a support zone and previous top (green box) which can stop price action from falling. A break below the support zone, however, would invalidate the uptrend (red circle). In that case, a reversal is taking place that could take the price much deeper. Read more...
Gold prices crashed; be ready to sell a break below 1820
Gold Spot shorts at 1875/78 worked perfectly again. This time we crashed through important support at the November low at 1850/49. Longs stopped below support atthe September low at 1848/47 for a sell signal initially targeting 1835.
Silver Spot shorts at 2535/45 worked perfectly hitting targets of 2390/85, 2360/55 &2325/20. In fact, as I write we bottomed exactly here for a potential 100 point profit. Read more...
Gold Price Analysis: XAU/USD hangs near multi-month lows, around $1830 area
Gold maintained its offered tone through the early European session, albeit has managed to pare a part of the early losses to four-month lows. The precious metal was last seen trading near the $1830 region, down around 0.50% for the day.
The commodity added to the overnight losses and witnessed some follow-through selling for the second consecutive session on Tuesday. The downfall also marked the fifth day of a negative move in the previous six and was sponsored by the prevalent risk-on environment, which tends to undermine demand for the safe-haven gold. Read more...
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