Gold Price Forecast: XAU/USD could plunge to $1,825 on a sustaneid break below $1,850
|Gold price is trading with moderate losses. XAU/USD could target $1,825 if the 50-Daily Moving Average support fails, FXStreet’s Dhwani Mehta reports.
Gold price attacks 50-DMA again
“Gold sellers again took charge on Monday, attacking the 50DMA, now at $1,857. Daily closing below the latter is needed to extend the downside break from the bearish continuation pattern toward the $1,850 psychological level.”
“A fresh sell-off toward the January 5 low of $1,825 could be in the offing on a sustained break below the $1,850 demand area.”
“Should Gold bulls manage to take out the intraday high at $1,866, then a test of the bear flag support-turned-resistance at $1,877 could be in the offing. Acceptance above the latter is critical to initiating a meaningful recovery toward the $1,885 static resistance.”
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.