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29.05.202315:31 Forex Analysis & Reviews: Gold: deeper drop possible

The price of gold changed little in the short term. It's located at 1,946 at the time of writing. Technically, the bias remains bearish in the short term. The yellow metal could extend its downside movement anytime.

XAU/USD moved only a little today as the US, UK, and German banks are closed. On Friday, the US data came in mixed. DXY's further growth should force Gold to drop deeper. Tomorrow, the US CB Consumer Confidence is seen as the most important event and could really shake the markets.

XAU/USD Sideways Movement!

Exchange Rates 29.05.2023 analysis

XAU/USD continues to move sideways between 1,939 and 1,952 levels in the short term. Escaping from this minor range could bring us new opportunities. Technically, the current range may represent a downside continuation formation.

The median line (ML) of the descending pitchfork and 1,939 represent critical downside obstacles.

XAU/USD Forecast!

Dropping and closing below 1,939 activates more declines. This represents a new selling opportunity.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Ralph Shedler,
Analytical expert of InstaSpot
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