- Analytics
- News and Tools
- Market News
- Gold Price Forecast: XAU/USD keeps the bearish potential intact
Gold Price Forecast: XAU/USD keeps the bearish potential intact
Gold price sees fresh demand. Nonetheless, XAU/USD appears a ‘sell the bounce’ trade near $1,670, FXStreet’s Dhwani Mehta reports.
Sellers remain in complete control
“Unless bulls manage to find a strong foothold above the mildly bearish 21-Daily Moving Average (DMA) at $1,670, any recovery attempts in the bright metal from two-week lows of $1,640 appear a dead cat bounce.”
“The immediate upside barrier is seen at the $1,650 level above which the previous intermittent lows around $1,660 could enact strong resistance.”
“Daily candlestick closing below the $1,640 demand area is needed for a fresh downswing towards the $1,600 mark. Ahead of that, the September low of $1,615 will challenge the bearish commitments.”
© 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
