Gold Price News & Forecast: XAU/USD remains vulnerable below 100-day SMA
|Gold: failure to capitalize on momentum may disappoint bulls
The failure of gold to push ahead in its recovery momentum will come as a disappointment for the bulls. Even as safe-haven flows have begun to resume on Wednesday, the gold price closed lower and runs the risk that this tepid rally has already run out of steam. The band of overhead supply between $1474/$1480 has come in to act as a barrier to the recovery and yesterday’s high at $1279 is notable. Read more...
Gold Technical Analysis: Remains vulnerable below 100-day SMA
Gold seems to have stalled its recent corrective bounce from three-month lows and witnessed a modest pullback from previous support, now turned resistance near 100-day SMA.
Meanwhile, the commodity has been trending lower over the past two months or so along a descending trend-channel, which clearly points to a well-established near-term downtrend. Read more...
Gold daily chart
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.