Gold Price News and Forecast: XAU/USD stay soft around $1,772

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD bears rolling up their sleeves

in the shorter term, the price action of late has seen prices fall out of a rising wedge formation which in its self is bearish, as described in the following article from the New York session on Tuesday: Gold Price Analysis: XAU/USD remains vulnerable to downside extension

The article notes how the Chaikin Money Flow on the hourly time frame and divergence shouldn't be ignored whereby the expansion of volume on the support line break can be taken as bearish confirmation.

Adding to this, there is still an overwhelming bullish bias in terms of positioning data as money managers aggressively increased their long exposure ahead of a run to $1,800 for the third time this year.

Gold Price Analysis: XAU/USD sellers look for entries below $1,765

Gold prices stay soft around $1,772 during the early Thursday morning in Asia. The bullion refreshed the multi-year high the previous day. Though, a one-month-old rising trend line tamed the bulls. The precious metal currently takes round to the support line of a short-term bullish channel, also nearing the 50-bar SMA amid bearish MACD signals.

Considering the commodity’s repeated failure to cross near-term key resistance, coupled with the MACD conditions, odds are increasing of a fresh downside following a heavy rise in the recent days. However, sellers are waiting for a clear break below $1,765 level comprising the said channel’s lower line and immediate SMA.

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FXStreet

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