- Analytics
- News and Tools
- Market News
- Gold Price Forecast: XAU/USD to sink towards $1,600 on a weekly close below $1,675 – ANZ
Gold Price Forecast: XAU/USD to sink towards $1,600 on a weekly close below $1,675 – ANZ
Gold price failed to break above $1,800 in August, with the downtrend continuing. Key supports of $1,700 and $1,675 have been broken. Strategists at ANZ Bank expect XAU/USD to dive towards $1,600.
Bearish trend is likely to continue
“A weekly close below $1,675 could trigger a heavy sell-off next week. That said, the price could consolidate after Thursday’s sell-off, ahead of the FOMC meeting on 21 September.”
“Bears could extend downside price moves to $1,600 and below.”
“Immediate resistance lies at $1,700 and a break of this level would put the next resistance point at $1,735. While reversal of the trend could be possible if prices break critical level of $1,800.”
© 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
