• Technical Analysis

    Gold Price Analysis: XAU/USD not out of the woods yet, slide to $1700 remains on the cards

    Gold Price Analysis: XAU/USD not out of the woods yet, slide to $1700 remains on the cards A combination of factors assisted gold to gain some traction on Wednesday. The uptick lacked follow-through and remained capped near 200-hour SMA. The set- favours bearish traders and supports prospects for further weakness. Gold struggled to capitalize on the Asian session bounce from weekly lows and was last seen trading with only modest gains, around the $1730 region. The prevalent risk-off mood extended some support to the safe-haven XAU/USD. This, along with some follow-through slide in the US Treasury bond yields, further benefitted the non-yielding yellow metal. However, the underlying bullish sentiment around the US dollar capped any meaningful upside for the dollar-denominated commodity. From a technical perspective, the intraday uptick faltered near the $1735 confluence breakpoint and supports prospects for the resumption of the prior downward trajectory. The mentioned region comprised of 200-hour SMA and short-term ascending trend-line extending from the $1677-76 region, or multi-month lows touched on March 8 If you find this helpful and want more FREE Updates on TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader? Now, It’s your turn! Be sure to leave a comment let us know how do you see this opportunity and forecast. Trade well, ❤️ 1_GFX English Support Team ❤️