Gold prices fell last week amid volatile trading, swinging from near the 2,000 level to below 1,940. The technical setup looks poised to see further losses over the coming days. Get your weekly gold forecast from FxWestwater here:
Gold prices moved lower over the past week of trading, breaking a two-week winning streak. Prices swung wildly, nearly breaking above the 2,000 level for the first time since early March before trimming strength and moving below the 1,940 mark. The intense selling as prices approached the psychological 2,000 level may indicate a healthy amount of sellers at that price point.
Bullion prices were offered support at the 50-day Simple Moving Average, with an intraday move on Thursday bouncing from that level but still ending the day with losses. That said, moving forward, these levels – 2,000 and the 50-day SMA – will likely be key to watch. Prices may range within those levels, but a break above or below may induce additional volatility.
The 20-day SMA held off three intraday selling attempts last week, so eyes will be focused there as well. Bears will likely continue to probe the moving averages after the Relative Strength Index and MACD oscillators weakened. The RSI tracked below its center 50 line, and the MACD line crossed below its signal line, both bearish signals. That said, the path of least resistance appears to be skewed to the downside. The 1,900 levels offer an enticing target should bears prevail in the coming days.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Gold Forecast: Gold Markets Continue to Reach for SupportGold markets have fallen a bit during the trading session on Thursday to wipe out the hammer from the Wednesday session.
Baca lebih lajut »
Gold Price Forecast: XAUUSD consolidates the rebound below key $1,960 level ahead of PowellGold Price is in a narrow consolidative range so far this Thursday, having stalled its rebound just shy of the key $1,960 level. A rebound in the US d
Baca lebih lajut »
Gold Price Forecast: XAUUSD melting in a vacuum under the weight of a hawkish Fed – TDSUS yields are pushing up as the Federal Reserve deepened their hawkish tilt. Economists at TD Securities see few participants left with appetite to bu
Baca lebih lajut »
Gold Price Forecast: XAUUSD retains bullish potential while above 21-DMA at $1,947Gold Price keeps defending the critical 21-Daily Moving Average (DMA) at $1,947. A weekly close above it is critical for XAU/USD buyers, FXStreet’s Dh
Baca lebih lajut »
Gold Price Forecast: XAUUSD to cheer bearish traders on a break below $1,940/35Gold is fluctuating in a narrow channel at around $1,950 on Thursday. As FXstreet’s Haresh Menghani notes, XAU/USD bears have the upper hand and a dro
Baca lebih lajut »
Monitoring Recent Trends In Gold PriceChristopher Vecchio joins Oliver Renick to detail what the relationship between gold price and yields signals for the markets going forward.========TD Ameri...
Baca lebih lajut »