Gold Price Forecast: $XAUUSD extends slide towards $1,900 Read More!➡️ Commodities Forex
The focus shifts to United States and United Kingdom data in the next few days.plunged on Monday as demand for the US Dollar picked up pace within a risk-averse environment. Investors kick-started the week looking at China, as the real state giant Country Garden Holdings warned of a $7.6 billion loss in the first half of the year. The headline triggered contagion fears and sent speculative interest into the safe-haven US Dollar.
Concerns cooled temporarily during European trading hours but resumed ahead of Wall Street’s opening, with XAU/USD trading as low as $1,902.68 a troy ounce, pretty much matching July’s low. Finally, the positive tone of Wall Street finally interrupted the USD rally, helping XAU/USD bounce from the aforementioned low, although modest gains among equities limit the downside for the American currency.
In the near term, and according to the 4-hour chart, a bearish 20 SMA leads the way lower, currently providing dynamic resistance at around $1,915.30. The longer moving averages remain far above the shorter one, also offering downward slopes, while technical indicators have bounced from their intraday low but remain well into negative territory.
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