Gold Price Forecast: XAU/USD to remain bullish unless it craters under $1,770 – DBS Bank
Gold has catapulted to a $1,974 high before giving up gains and quickly succumbed to a $1,878 low. Technically, in the bigger picture, gold’s price profile remains bullish unless it craters under $1,770, Benjamin Wong, Strategist at DBS bank, reports.
Stay constructive, buy the dips
“For gold to dispel the prospect of a corrective decline before resuming its upward path, a move that sustains over $1,950-$1,973 is required.”
“Our prior tactical $1,810 long was taken out in the recent volatile moves, and we replenish a long at $1,863. We add on at $1,810 with an invalidation at $1,770 accompanied by a $1,920 harvest point.”
“Sub-$1,780-$1,770 would be a key level for gold to hold regardless of market volatility to ensure the bullish build-up from last August’s $1,690 level stays intact. A break thus can likely alter the larger landscape; however, this is not the fancied case.”
“A noticeable gap between CFTC speculators and industry insiders needs to narrow before gold stabilises.”
Author
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.
