Gold Price News and Forecast: XAU/USD rebound fails to convince bulls


Mining ETFs: Headed for their next slide?

The mining ETFs (the GDX and GDXJ) have hit resistance and look tired. After their corrective rally, a slide looks promising. 

 The miners are done correcting and if they were at a water amusement park, would they head for the lazy river? How about the wave pool? Nah… they’d be headed straight for the slides.  

If you’ve been waiting for a high-quality sign that the next big move in the precious metals sector is underway – you just got it.

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Gold Price Analysis: XAU/USD technical outlook leans towards the bearish side

Gold stays in a consolidation phase on Wednesday as shallow XAU/USD rebound fails to convince bulls. The technical picture points to a neutral stance with a bearish bias, FXStreet’s Eren Sengezer reports.

Key quotes

“The greenback's market valuation is likely to continue to impact XAU/USD's movements. On Thursday, the US Bureau of Economic Analysis will release its final estimate of the fourth-quarter Gross Domestic Product (GDP), which is expected to show that the economy grew by 4.1%.”

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