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- Gold Price Forecast: XAUUSD floors open for more declines towards $1,850
Gold Price Forecast: XAUUSD floors open for more declines towards $1,850
Gold Price remains heavy below $1,900 with more downside exposed towards $1,850, FXStreet’s Dhwani Mehta reports.
XAUUSD downside opening up towards $1,850
“Attention turns towards the all-important preliminary release of the US Q1 growth figures. The American economy is seen expanding 1.1% QoQ in Q1 vs. 6.9% previous. The US GDP data is unlikely to deter the Fed’s rate hike path, which is likely to keep the downbeat tone around Gold Price intact going forward.”
“The immediate support of the rising 100-Daily Moving Average (DMA) at $1,876 appears at risk, below which the February 17 low of $1,868 remains on sellers’ radars. A fresh downswing could be kicked off below the latter, exposing the $1,850 psychological level.”
“If the 100-DMA support holds, then a brief pullback towards the March 29 low of $1,890 will be inevitable. The next critical barrier for bulls aligns at $1,900, above which the previous day’s high of $1,907 could be challenged again.”
See – US GDP Preview: Forecasts from eight major banks, reading to be soft for Q1
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