Gold Price Forecast: XAUUSD to only abandon its rally on a slip under $1,780-$1,763 – DBS Bank Gold XAUUSD Banks
is sharply lower by 4.7% against its mid-April high of $1,998. Benjamin Wong, Strategist at DBS Bank, sees XAUUSD’s ongoing decline as being corrective.“Quick sequential loss of the $1,944 and $1,925 support pegs returns the focus to gold’s late March lows at $1,890, and thereafter the next Fibonacci support cluster at $1,849.”
“Our base case is that for gold to abandon its rally inherent from March 2021’s $1,677 lows would be a slip under $1,780-$1,763. Otherwise, gold needs to rebuild its credentials with a move over $1,967-$1,980 resistance patch.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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