- Analytics
- News and Tools
- Market News
- Gold Price Forecast: XAU/USD to suffer additional losses on a daily close below $1,920
Gold Price Forecast: XAU/USD to suffer additional losses on a daily close below $1,920
Gold is set to register its largest one-week loss since November. As FXStreet’s Eren Sengezer notes, technicals turn bearish after the weekly decline.
Bearish shift in the technical outlook
“In case next week’s developments point to a further escalation of the conflict, gold should gather strength and start erasing this week’s losses. On the other hand, the precious metal could come under renewed selling pressure if markets remain hopeful of a ceasefire.”
“$1,920 (Fibonacci 50% retracement of the latest uptrend) aligns as the first support. With a daily close below that level, gold is likely to test the $1,890/$1,900 area (Fibonacci 61.8% retracement, psychological level) before extending the decline to $1,880 (50-day SMA).”
“In case buyers manage to lift gold back above $1,950 (Fibonacci 38.2% retracement), next resistances could be seen at $1,975 (February 24 high) and $1,990 (Fibonacci 23.6% retracement).”
© 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
