Gold Price Forecast: XAU/USD tracks sideways as banking crisis fears subside Gold XAUUSD SEO
The divergence may explain Gold’s current lack of direction, and the fog needs to lift on the real state of the financial system before investors can start to get a real handle on the Fed’s future plans.Despite the recent rollover from the plus-$2,000 highs, Gold price remains in an uptrend when looked at on a medium-term basis. Overall it continues to make higher highs and lows on the daily chart.
A break below $1,934 would introduce doubt into the overall bullish assessment of the trend and probably see a sharp decline to support at $1,990 supplied by the 50-day Simple Moving Average . a thicket of resistance at $1,960, just above where price has been churning overnight. This tough crack will need to be broken to see Gold even attempt to return to its crisis highs.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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