XAU/USD Price Forecast
On April 23, Gold corrected its upward trend and started a sideways move creating a set of lower highs with higher lows. In Mid-May, the price failed on multiple occasions to rally to the higher trading zone reflecting that bulls were losing momentum.
On Friday, Gold declined to a five-week low at $1,670 then closed the weekly candlestick in the red with a 2.5% loss. This week, the market opened with a downside gap at $1,683 yet, the metal rallied after and closed this gap.
Thus, a break below the May 1 low at $1,670 could send Gold towards $1,650 in turn, any break above $1,703 may trigger a rally towards $1,727. Nonetheless, the daily resistance and support levels marked on the four-hour chart should be kept in focus.
Edited 09 Jun 2020, 05:54
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