GOLD PRICE FORECAST: XAU/USD COULD PULL BACK TO $1,900 ON A BREAK BELOW $1,930 – ANZ
Gold’s technical chart suggests a break below the $1,930 level could trigger selling, analysts at ANZ Bank report.
Gold to trade in the range of $1,930-$2,000
The price could find support near a 200-DMA of $1,934. If Gold trades in the range of $1,930-$2,000, the bullish trend will remain intact. However, a decisive break below $1,930 could build up selling pressure and the price could pull back to $1,900 in the near term.
On the upside, any price rebound may face resistance at $2,000. Although a break of this level looks unlikely now, it could trigger short covering which could lift the price towards the next resistance of $2,062, the high recorded in May 2023.
On balance, we expect Gold to trade in the range of $1,930-$2,000.
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.