Gold Price News and Forecast: XAU/USD look for more downside to come

FXStreet Team FXStreet

Gold possible rejection off the 88.6 zone

GOLD is still bearish. We can see a strong resistance around 1915 zone and next retracement might be good for sellers.

Gold has been rejecting off the 1900 zone quite lot. We should see another drop if the price gets within the POC 1904-1911. Additonally, we can spot a double top / W H3 camarilla pivot at 1916. In case of rejection watch for 1880 followed by 1860 and 1855. Bears are still winning and GOLD can be bullish only if the market moves above 1920 on intraday timeframe. Read more...

Gold look for more downside to come

The chart below shows Gold in a complex correction. We are looking for one more push lower below $1800 if we are to continue the overall bull market. Complex corrections are normally time-consuming, the chart below shows we have been in a range since 7 August 2020.

The impulsive move lower after the completion of wave (x) has given us a high probability that the move lower has started and will continue. The yellow zone is the 61.8 Fibonacci retracement level of the move lower. We can look for more selling pressure around that area. The move lower will be invalidated if we break above the wave (x). Read more...

Gold spot volatility is decreasing in the consolidation phase

Gold meets strong resistance at 1896/1899. A break above 1901 however targets 1907/08, perhaps as far as 1916/18,. Further gains meet resistance at 1921/23.

Shorts at 1896/1899 target 1886/84 & minor support at 1879/75 (& we bottomed exactly here yesterday). If we continue lower look for 1868/66, perhaps as far as 1860/58 & 1855. A break below support at the September low at 1848/47 is a sell signal initially targeting 1835. Read more...

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FXStreet Team

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