Gold Value Outlook Bullish Regardless of XAU/USD Worst Month Since 2018
Gold Technical Forecast
- Gold prices skilled worst month this 12 months and since Summer time 2018
- XAU/USD remains to be struggling to renew the downtrend from September
- The yellow steel could rise forward on preliminary bullish reversal hints
Get our free information to help build confidence in your gold trading strategy!
Gold costs skilled the worst month this 12 months up to now, dropping about 3.24 p.c and slowly consuming away on the spectacular rally undertaken from June to September. This was additionally the bleakest efficiency for the reason that Summer time of 2018 because the anti-fiat yellow steel misplaced in favor to a cautiously stronger US Dollar. The place does this go away XAU/USD going ahead from a technical standpoint?
Earlier this month, I famous how gold was attempting to interrupt beneath rising assist from July (pink parallel traces on the chart beneath). That try failed as costs bounced after which obtained caught beneath key resistance at 1480. Now, the valuable steel as soon as once more finds itself pushing for a draw back…