Gold Price Forecast: XAUUSD downside remains more compelling below 200-DMA
Gold Price is licking its wounds near the $1,840 region this Tuesday. As FXStreet’s Dhwani Mehta notes, a bearish technical structure suggests more pain ahead.
XAU/USD challenges bullish commitments below 200-DMA once again
“Bears breached the $1842 key support, the confluence of the bearish 21-DMA and horizontal 200-DMA. Traders are now poised for a fresh downswing in XAUUSD once the 21 and 200-DMA bearish crossover gets validated.”
“A test of the previous week’s low of $1,829 remains well on the table should the bearish pressures intensify. Further south, the $1,820 round figure will come to the rescue of gold bulls.”
“Any recovery will need acceptance above the strong support now turned resistance at $1,842. The next upside target could be the $1,850 psychological barrier, above which Monday’s high of $1,858 could be challenged. Buyers will seek fresh opportunities above the latter to initiate a fresh upswing towards the previous week’s high of $1,870.”
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.