Gold Price Forecast: XAU/USD points to deeper losses if death cross gets confirmed

FXStreet Insights Team FXStreet

In the run-up to the US Nonfarm Payrolls (NFP) showdown this Friday, gold is extending the previous declines, flirting with the key $1800 level. Downside remains favored, according to FXStreet’s Dhwani Mehta.

See – Gold Price Forecast: XAU/USD to gain bullish traction on a break above $1834 – Commerzbank

US NFP to confirm death cross for XAU/USD?

“The greenback continues to hold the higher ground, in anticipation that a stronger NFP report could add credence to the hawkish rhetoric by the Fed. In that case, investors could dump the non-yielding gold while stocks could also take a beating amid worries over stimulus rollback.”

“The risks remain to the downside for gold price amid a looming death cross on the daily time frame. The 50-DMA is fast approaching the 200-DMA, looking to pierce through the latter from above.”

“Immediate support is seen at the range lows around $1790, below which a sell-off towards the multi-month lows of $1751 could be in the offing.”

“Gold bulls need to recapture the previous support now resistance at 100-DMA at $1805, above which the 21-DMA at $1810could test the bullish commitments.”

“Powerful resistance at the 50 and 200-DMAs confluence at $1819 could emerge as a tough nut to crack for gold buyers.”

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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