Gold Price Forecast: XAU/USD 200DMA amid bearish wedge in play Gold XAUUSD Technical Analysis
“The bearish wedge pattern remains in play, keeping Gold sellers in control, as the price closes in on the critical 200DMA at $1,788. Daily closing below the latter is needed to confirm a correction. The next downside cap is seen at the mildly bullish 21DMA at $1,772. A breach of the last will trigger a fresh sell-off toward the $1,750 psychological level.”
“On the upside, recapturing the $1,810 barrier will call for a retest of the previous day’s high at $1,814. Further up, Gold bulls will target the wedge resistance at $1,825, where the multi-month high aligns.”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.
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.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: XAU/USD confirms bearish wedge, bearish breakdown to extend?Where is the Gold price headed next after a rising wedge breakdown? FXStreet’s Dhwani Mehta analyzes XAU/USD’s technical outlook. Immediate resistance
Read more »
Gold Price Forecast: XAU/USD to fall if US Core CPI beat estimatesGold price is attempting a minor comeback while within a familiar range below the $1,800 mark ahead of the all-important United States Consumer Price
Read more »
Gold Price Forecast: XAU/USD bulls cheer Fed pivot sentiment after US CPI missThe Gold price is higher after US Treasury yields declined due to a report that showed that inflation in the United States was less than estimated las
Read more »
Gold Price Forecast: XAU/USD grinds near $1,820 hurdle with eyes on FedGold price (XAU/USD) buyers struggle to defend the biggest daily jump in a fortnight as the metal seesaws around $1,810, following a retreat from the
Read more »
Gold Price Forecast: XAU/USD steadies above $1,800 as US inflation amplifies Fed fearsGold price (XAU/USD) treads water around $1,810 as bulls take a breather following the biggest daily run-up in a fortnight near the highest levels sin
Read more »
Gold Price Forecast: XAU/USD defies bearish odds ahead of the FedGold price holds steady above $1,800, consolidating the previous upswing. The yellow metal awaits US Federal Reserve for the next big move, FXStreet’s
Read more »