Gold Price Forecast: XAU/USD remains exposed to downside risks below $1,994
Gold stays under bearish pressure at the beginning of the week and trades deep in negative territory below $1,980. As FXStreet’s Dhwanie Mehta notes, XAU/USD appears vulnerable below $1,994 confluence resistance.
Risk trends will continue to lead the way
“Should risk aversion intensify in the upcoming sessions, the US dollar Index is likely to benefit further and regain 100.00 vs. major rivals. Gold price, therefore, appears vulnerable, also undermined by the ongoing rout in the US Treasuries.”
“On selling resurgence, gold sellers could retest Friday’s low of $1,959, below which a test of the $1,950 psychological barrier will be inevitable. The next relevant support awaits at the ascending 100-SMA at $1,943.”
“Recapturing 50-SMA at $1,979 on a sustained basis is critical to initiating any meaningful recovery towards $1,994, which is a powerful resistance. Acceptance above the latter will open doors towards the $2,000 mark, beyond which the $2,010 supply zone will be challenged once again.”
Reprinted from FXStreet_id，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.