Gold posted losses for the second straight week. Bearish bias stays intact as XAU/USD fails to reclaim 200-day moving average (DMA), FXStreet’s Eren Sengezer reports.

Significant resistance for XAU/USD seems to have formed at $1,850

“The Fibonacci 23.6% retracement level of the latest downtrend and the 200-day SMA form strong resistance at $1,850. Unless XAU/USD makes a daily close above that level, sellers should be able to retain control. Above $1,850, $1,860 (50-day SMA) and $1,870 (Fibonacci 38.2% retracement) aligns as the next hurdles.”

“$1,810 (the end-point of the downtrend) could be seen as the next bearish target. If that support fails, further losses toward $1,800 (psychological level) and $1,787 (May 16 low) could be witnessed.”

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD pulls away from session highs, stays above 1.0200

EUR/USD pulls away from session highs, stays above 1.0200

EUR/USD has lost its bullish momentum during the American trading hours and started to edge lower toward 1.0200. With Wall Street's main indexes pushing lower after the opening bell, the greenback staged a rebound, causing the pair to turn south.

EUR/USD News

GBP/USD declines below 1.2100 following earlier rebound

GBP/USD declines below 1.2100 following earlier rebound

GBP/USD continues to erase the daily gains it recorded during the European session and trades below 1.2100. The negative shift witnessed in risk sentiment seems to be providing a boost to the safe-haven dollar, weighing on the pair.

GBP/USD News

Gold bulls to challenge $1,800 ahead of US inflation figures

Gold bulls to challenge $1,800 ahead of US inflation figures

Gold kept rallying on Tuesday, hitting a fresh one-month high. The greenback remained weak throughout the first half of the day, recovering some ground after Wall Street’s opening amid the poor tone of US indexes.

Gold News

Iran adopts crypto in foreign trade, debuts with $10 million import order

Iran adopts crypto in foreign trade, debuts with $10 million import order

In a watershed moment for crypto adoption, Iran registered its first official order for importing $10M worth of goods paid for in cryptocurrencies. A private Iranian news agency reported that the Ministry of Industry, Mine and Trade has plans to widely use cryptos in foreign trade.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures