Gold Price News and Forecast: XAU/USD prices recede with eyes on $1,789
|Gold Price Analysis: XAU/USD buyers catch a breather with eyes on $1,789
Gold prices ease from one-week top to near $1,785 amid the early Tuesday morning in Asia. In doing so, the bullion steps back ahead of the monthly top, flashed Wednesday, near $1,789 amid bullish MACD. Considering the yellow metal’s ability to stay positive since mid-June, as portrayed by an ascending trend line, also trade beyond 200-bar SMA, not to forget MACD signals, buyers are likely to keep the helm.
However, $1,789 horizontal resistance might offer a place to pull back, if at all prices remain firm beyond $1,785. Should the optimists refresh the monthly high, an upward sloping trend line from June 24, currently around $1,795, will become an additional upside barrier ahead of $1,800 threshold.
The #1 question for beginners in precious metals
More new people may have made their first purchase of physical gold or silver in the past 4 months than in any four-month period in history. This sort of data isn’t reported and tracked. But if our experience as one of the nation’s largest precious metals dealers is representative, we believe that’s the case.
We’ve never seen so much retail demand, and a big portion of the buyers are first timers. With the new wave of people entering the market comes a fundamental question lots of them have before they get started: What do I do with the metal after I buy it?
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