- Analytics
- News and Tools
- Market News
- Gold Price Forecast: XAU/USD to suffer more declines on a break below $1,800
Gold Price Forecast: XAU/USD to suffer more declines on a break below $1,800
Gold price is consolidating the Fed-led sell-off to weekly lows just above $1,810. XAU/USD bears await US Q4 GDP for the next leg lower, FXStreet’s Dhwani Mehta reports.
Death cross to keep any recovery short-lived
“Bears take a breather in the aftermath of the Fed decision while waiting for the US advance Q4 GDP and Durable goods data. The US economy is likely to have regained steam in Q4, 2021, as the growth is seen at the best level in 37 years, arriving at 5.4% YoY. Meanwhile, easing geopolitical tensions around Ukraine, weigh negatively on the traditional safe-haven gold.”
“A sustained break below $1,810, which is the January 19 lows, is needed to test the critical support near $1,805, where the 200-Daily Moving Average (DMA) and the 50-DMA coincide, having confirmed a death cross earlier this week. That level also brings in the wedge support line.”
© 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
