Gold Price News and Forecast: 12-day-old support probes XAU/USD bears below $1,900

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD bears seek discount for $1,825/34/oz targets

Gold prices have fallen below a daily support structure like a knife through butter.

The price has met what appears to be a supporting trendline and prior structure. With a focus on the downside, bears should be looking for a discount from which to enter a swing-trading position.

Gold Price Analysis: 12-day-old support, market stabilization probe XAU/USD bears below $1,900

Gold prices seesaw between $1,888.65 and $1895.50, currently around $1,892.80, amid the initial Asian session on Wednesday. In doing so, the yellow metal consolidates the previous day’s losses, the heaviest drop since October 06, from the one-week low of $1,886.58. Although nothing changes the market’s downbeat mood, a lack of major catalysts and a pause after the heavy fall seem to justify the commodity’s latest pullback.

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