Gold Price Forecast: XAU/USD eyes next support at $1,560 below $1,618/16 – Credit Suisse Gold XAUUSD Technical Analysis Banks
Important resistance seen at the 55-DMA
“Gold below $1,691/76 has confirmed a large ‘double top’, which turns the risks lower over at least the next 1-3 months, with the precious metal also now hovering clearly below both the 55-day and 200-day averages, currently seen at $1,726/1,827.” “Only a convincing break above the 55-day average at $1,726 would ease the pressure on the precious metal, with next resistance then seen at the even more important 200-day average, currently at $1,827.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: Gold Gives Up Major Level- What's Next?Gold plunged through key technical support with a third weekly decline plummeting to fresh multi-year lows. Levels that matter on the weekly technical chart.
Read more »
Gold Forecast: Gold Continues to Fall OverGold markets have fallen again during the trading session on Monday, as the US dollar continues to strengthen against everything.
Read more »
Gold Price Forecast: XAU/USD's bearish streak to extend amid weak demand – SocGenMoney managers decreased their long position in the gold market for the sixth consecutive week. Strategists at Société Générale expect the yellow meta
Read more »
Gold Price Forecast: XAU/USD's slide is attributable mainly to USD's strength – CommerzbankOn Monday, gold price fell to $1,620. The strong US dollar is the main culprit of the yellow metal’s woes, strategists at Commerzbank note Gold appear
Read more »
Gold Price Forecast: Capitulation risk is rising in XAU/USD – TDSGold plunged on Monday to a new two and a half year low around $1,620. A combination of factors are set to add further downside pressure on the yellow
Read more »
Breakingviews - Gold will keep losing its irrational lusterImagine telling gold bugs a decade ago that a pandemic, war in Europe and 8% U.S. inflation were coming. Instead of delivering a dream scenario for the precious metal, however, its price has dipped about 7% since September 2012 to around $1,635 an ounce. The next decade probably will bring more of the same.
Read more »