Gold to test $1620 demand zone
Gold has continued to slide on Monday as US dollar advanced, currently trading at $1634. XAUUSD is heading for its longest streak of monthly losses on record with investors now in anticipation of continued rate hikes from central banks that will cause a strong US dollar. Gold may target the yearly low below $1620 ahead of Fed meeting.
The sellers remain in charge, though they will face solid support at around $1617, ahead of the yearly low at $1615. If commodity buyers would like to shift gold bias to neutral, they need to reclaim 1680.
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The sellers remain in charge, though they will face solid support at around $1617, ahead of the yearly low at $1615. If commodity buyers would like to shift gold bias to neutral, they need to reclaim 1680.
Please support our work with like and comment, thank you.
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