- Analytics
- News and Tools
- Market News
- Gold Price Forecast: XAU/USD to rise towards $1,880 if June 16 highs of $1,869 give way
Gold Price Forecast: XAU/USD to rise towards $1,880 if June 16 highs of $1,869 give way
Gold price surged to the highest levels since June 16 at $1,869 before pulling back sharply to settle at $1,853 after US inflation-led explosion. Although the yellow metal is off highs, XAU/USD remains on track for the additional upside, according to FXStreet’s Dhwani Mehta.
XAU/USD has more room to rise
“XAU/USD is correcting slightly after the recent upsurge, with the US Treasury yields holding onto their recent recovery gains. However, the pause in the US dollar’s rally across the board is limiting the pullback in gold price.”
“The bright metal remains on track for additional upside if it takes out the June 16 highs of $1,869, above which the immediate hurdle is seen at the June 14 tops of $1,878. Further up, the $1,800 psychological level will be back in play.”
“A minor pullback cannot be ruled out towards $1,840 after Wednesday’s blistering rally. The previous critical resistance now support at $1,834 will challenge the bullish commitment, if the downside extends. The next stop for the sellers is seen at Wednesday’s low of $1,822.”
See – Gold Price Forecast: XAU/USD to see further gains towards the $1917 May high once above $1835 – Commerzbank
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
