- Analytics
- News and Tools
- Market News
- Gold Price Forecast: XAU/USD to test $1,700 on a close below 50 DMA at $1,744
Gold Price Forecast: XAU/USD to test $1,700 on a close below 50 DMA at $1,744
Gold price is consolidating the recent run of declines near four-week lows below $1,750. Will XAU/USD bulls defend the 50% Fibo support? FXStreet’s Dhwani Mehta analyzes the yellow metal’s technical outlook.
Buyers need acceptance above $1,760 to initiate any meaningful recovery
“Failure to defend $1,744, which is the 50% Fibonacci Retracement (Fibo) level of the recovery from yearly lows of $1,681 to the August 10 high of $1,808, on a daily closing basis will intensify the bearish momentum, with a test of the $1,700 threshold inevitable. Ahead of that, the $1,730 demand area could limit the downside.”
“Buyers need acceptance above $1,760 to initiate any meaningful recovery. That level is the confluence of the 38.2% Fibo level and the previous day’s high. The next upside target is aligned at the bullish 21-Daily Moving Average (DMA) at $1,766, above which the bearish 50 DMA at $1,773 will come into play.”
© 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
