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- Gold Price Forecast: XAU/USD to suffer additional losses towards $1,900
Gold Price Forecast: XAU/USD to suffer additional losses towards $1,900
Gold price is beaten down once again, as it heads towards the $1,900 mark this Thursday. As FXStreet’s Dhwani Mehta notes, XAU/USD could resume downtrend amid a bearish wedge.
Bearish wedge suggests more pain for gold bulls
“The US Core PCE price index is due for release later on Thursday. Hotter inflation is likely to seal in a 50-basis points May Fed rate hike. Although concerns over a potential recession, in the face of the recent yield curve inversion and aggressive Fed’s tightening could have a major impact on the dollar and gold valuations.”
“Gold price has confirmed a bearish wedge formation on the four-hour chart. If the bearish momentum extends, XAU/USD could fall further towards the $1,900 mark, below which a test of the March 29 lows of $1,890 will be inevitable.”
“Any recovery attempt will meet initial resistance at the 21-Simple Moving Average (SMA) at $1,927. If bulls manage to crack that barrier, then the confluence of the wedge support and the horizontal 200-SMA at $1,933 will emerge as a tough resistance.”
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