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FX.co ★ Is GOLD Decline Over?

Is GOLD Decline Over?

Is GOLD Decline Over?

Gold increased after failing to come back to retest the $1,800 psychological level. The metal is trading at $1,862 and it could approach $1,900 soon if the US Dollar continues to depreciate versus the other major currencies.

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Technically, its failure to stabilize under the $1,800 level and to reach the down channel's support, downside line, signals that the sellers are exhausted and that the corrective phase, retreat, could be over.

  • GOLD Trading Conlusion

We'll have a great buying opportunity if the price jumps and stabilizes above the downtrend line, channel's resistance, and beyond the $1,900 psychological level. Such a breakout signals that XAU/USD will continue to increase towards the $2,000 and $2,075 levels.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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