- Analytics
- News and Tools
- Market News
- Gold Price Forecast: XAUUSD to extend ongoing downbeat momentum on break below 21-DMA at $1,849
Gold Price Forecast: XAUUSD to extend ongoing downbeat momentum on break below 21-DMA at $1,849
Gold Price tested the bearish 21-Daily Moving Average (DMA) at $1,849. More downside in the offing? The yellow metal looks south amid firmer yields, FXStreet’s Dhwani Mehta reports.
200-DMA at risk?
“The sentiment around the bond market holds the key for placing fresh bets on gold price. The US rates are staging a solid rebound, with the benchmark 10-year yields up roughly 3.5% so far. Also, of note remains the preliminary inflation print from the Eurozone and the US CB Consumer Confidence data for fresh cues on the broader market sentiment.”
“Acceptance below the 21-DMA at $1,849 will trigger a fresh drop towards the horizontal 200-DMA at $1,840. Daily closing below the latter is needed to fade the recovery and turn the focus back on the May 18 low of $1,807.”
“Recapturing the daily highs of $1,857 is critical to take on the upside towards the previous day’s high of $1,864. Further up, the two-week highs at $1,870 will be next on the buyers’ radars, above which the mildly bullish 100-DMA at $1,888 will be challenged.”
© 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
