Gold Price Forecast: XAU/USD pulls back as probabilities of Fed pivot drop Gold SEO XAUUSD
XAU/USD may be meandering in the short term but it is still in an uptrend when looked at from a medium-term perspective. The price of the precious metal continues to make higher highs and lows on the daily chart. Thus, according to the old adage, “The trend is your friend until the bend at the end,” the technical outlook favors bulls.A break above the key $2,009 March top would be required to confirm further upside. The next target for Gold price would then lie at the $2,070 March 2022 highs.
The key $1,934 March 22 swing low must hold for Gold bulls to retain the advantage. Yet, a break and close on a daily basis below that level would introduce doubt into the overall bullish assessment of the trend. Such a move would probably see a sharp decline to support at $1,990 supplied by the 50-day Simple Moving Average . Information on these pages contains forward-looking statements that involve risks and uncertainties.
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