Gold Price News and Forecast: XAU/USD rebound fails to convince bulls
|Mining ETFs: Headed for their next slide?
The mining ETFs (the GDX and GDXJ) have hit resistance and look tired. After their corrective rally, a slide looks promising.
The miners are done correcting and if they were at a water amusement park, would they head for the lazy river? How about the wave pool? Nah… they’d be headed straight for the slides.
If you’ve been waiting for a high-quality sign that the next big move in the precious metals sector is underway – you just got it.
Gold Price Analysis: XAU/USD technical outlook leans towards the bearish side
Gold stays in a consolidation phase on Wednesday as shallow XAU/USD rebound fails to convince bulls. The technical picture points to a neutral stance with a bearish bias, FXStreet’s Eren Sengezer reports.
Key quotes
“The greenback's market valuation is likely to continue to impact XAU/USD's movements. On Thursday, the US Bureau of Economic Analysis will release its final estimate of the fourth-quarter Gross Domestic Product (GDP), which is expected to show that the economy grew by 4.1%.”
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.