Gold Price Forecast: XAUUSD continues to struggle, technical posture not favourable – DBS Bank Gold XAUUSD Banks
has had a 6.9% drop in May so far. XAU/USD now trades under a prior triangle breakout and is testing the 200-day moving average at $1,838, indicating that the technical posture is not favourable, Benjamin Wong, Strategist at DBS Bank reports.“Posting declines under 200-DMA $1,838 forces a relook that this corrective decline of the broader mid-term ranges.
“A sustained break lower contours into the 38.2% Fibonacci retracement of $1,160-$2,075 at $1,726 as the first visible target.”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.
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