Gold Value Plunges; Can Chart Help Stymie XAUUSD Selloff?
GOLD PRICE FORECAST – WEEKLY TECHNICAL OUTLOOK:
- The price of gold sank 1% since final Friday and marks the commodity’s second consecutive week of declines
- Gold worth motion might bitter additional and jeopardize its bullish run if technical confluence fails to supply assist for the dear metallic
- Don’t miss out on this key perception detailing the Top Gold Trading Strategies
Gold costs now commerce roughly 3% beneath the multi-year excessive XAUUSD printed earlier this previous week. The current high was made on destructive MACD divergence, which steered that upward momentum has pale as bullish momentum ebbs. The aggressive pullback within the worth of gold sank XAUUSD beneath its first uptrend line of defense offered the primary main technical blow. Additionally, with gold costs removed from proof against safe-haven promoting stress, draw back in spot gold costs was subsequently exacerbated amid plunging volatility and resurfacing risk appetite largely owing to upbeat US-China commerce conflict developments.