fxs_header_sponsor_anchor

News

Gold Price Forecast: XAU/USD validates a Falling Wedge formation, more upside likely?

Gold price is extending a three-day recovery. FXStreet’s Dhwani Mehta analyzes XAU/USD technical outlook.

The 21 and 50 DMAs bearish crossover could remain a drag

“Gold price confirmed falling wedge formation on the daily chart after yielding a daily close above the falling trendline resistance at $1,813 on Tuesday. Should the upside break find its footing, XAU/USD could advance further toward the previous week’s high at $1,848, above which the $1,850 psychological level will come into play.”

“However, Gold price could run into strong offers at higher levels, as the 21 and 50-Day Moving Averages bearish crossover could remain a drag.”

“Any retracement could test the initial support at the $1,820 round figure, below which the two-month low of $1,805 will be in focus. The next downside target is seen at the $1,800 threshold.”

 

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.