Gold Price Forecast: XAU/USD has limited upside potential, caution for bulls Gold XAUUSD
“The fundamental backdrop suggests that the path of least resistance for the metal is to the downside. The attempted recovery move runs the risk of fizzling out rather quickly.”
“The YTD low, around the $1,620 area, now seems to protect the immediate downside ahead of the $1,620-$1,590 region. A break below here will be seen as a fresh trigger for bearish traders and dragtowards the $1,567-$1,565 support zone. The downward trajectory could extend towards the $1,530-$1,528 region, below which the XAU/USD might turn vulnerable to challenge the $1,500 psychological mark.”
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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