fxs_header_sponsor_anchor

News

Gold Price Analysis: Sellers to dominate XAU/USD while below $1,800

Gold snapped a six-day losing streak on Friday and closed around $1,780 but lost more than 2% on a weekly basis. XAU/USD could extend losses toward the $1,750 level, FXStreet’s Eren Sengezer reports.   

Key quotes

“On Tuesday, the Conference Board’s Consumer Confidence Index from the US will be watched closely by market participants. As we have seen in the past couple of weeks, a positive reading could help the USD gather strength and force XAU/USD to remain on the back foot.”

“Friday’s Core Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve’s preferred gauge of inflation, will be next week’s key data to watch. The market consensus points out to an annual increase of 1.4% and a higher-than-expected print could make it difficult for XAU/USD to gain traction.”

“On the upside, the descending trend line coming from early January is currently forming strong resistance around $1,800 psychological level. As long as this line remains intact, sellers will look to dominate gold's price action. The next technical hurdle is located at $1,820 (20-day SMA) ahead of $1,826 (static level).”

“The immediate support could be seen at $1,770. A daily close below that support is likely to open the door for additional losses toward $1,760 (multi-month lows) and $1,750 (former resistance from May/June 2020).”

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.