- Analytics
- News and Tools
- Market News
- Gold Price Forecast: XAUUSD to fall towards $1,800 on a break under key $1,838 support
Gold Price Forecast: XAUUSD to fall towards $1,800 on a break under key $1,838 support
This Thursday, gold is seeing fresh selling pressure. As FXstreet’s Dhwani Mehta notes, the key $1,838 support could be at risk ahead of US GDP.
Gold is teasing a downside break from a symmetrical triangle
“The GDP revision could be closely eyed amid looming recession risks in the US. The data could have a significant impact on the dollar valuations and, in turn, on the yellow metal.”
“If bears yield a break below the rising trendline support at $1,842 on a four-hourly candlestick closing basis, then it would confirm a triangle breakdown. The immediate downside target is seen at the rising 50-Simple Moving Average (SMA) at $1,838. A sustained move below the latter is needed for sellers to resume the renewed downside towards $1,800.”
“Strong resistance is placed at $1,856, which is the horizontal 21-SMA, above which the falling trendline hurdle at $1,863 will get tested. After the relentless surge, gold bulls could see a minor pullback from two-week highs, with the immediate support of the 21-DMA likely to be tested.”
© 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
