- Analytics
- News and Tools
- Market News
- Gold Price Forecast: XAUUSD points to resume the downtrend
Gold Price Forecast: XAUUSD points to resume the downtrend
Gold Price rebounds from two-month lows. A good selling opportunity? FXStreet’s Dhwani Mehta reports.
Gold Price eyes acceptance above Fibonacci 23.6%
“XAUUSD has recaptured the $1,902 hurdle, which is the Fibonacci Retracement (Fibo) level of the correction from April 18 highs of $1,998 to the two-month troughs of $1,872. If bulls manage to find a strong foothold above the latter on a daily closing basis, then the recovery could extend towards the April 26 highs of $1,911. Further up, the Fibo 38.2% of the same decline at $1,921 will challenge the bearish commitments.”
“The 14-day Relative Strength Index (RSI) is edging higher but remains well below the midline, suggesting that the bearish bias remains intact in the near-term. Also, a bear cross confirmed Wednesday is in play, adding credence to the resumption of the downtrend.”
“Selling resurgence could see a retest of the daily lows at $1,892, below which the April 27 low of $1,881 will be targeted. Thursday’s low of 1,872 will be the level to beat for XAUUSD bulls should bears keep their sights on the $1,850 psychological barrier.”
© 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
