Gold price analysis week 51
Updated
Gold recovered from 2587 but is still in a downtrend only when trading above 2663 will confirm the uptrend again. 2556 becomes the most important support zone next week. Break out of this zone confirms the prolonged slide of Gold will continue. When trading above 2663, Gold will face important resistance at 2724. Pay attention to the support and resistance zones noted on the chart to have the best trading strategy next week.
Trade active
Gold price bulls seem non-committed around $2,620 amid mixed cues
Gold price struggles to capitalize on last week's goodish bounce from a one-month low and oscillates in a range during the Asian session on Monday. Geopolitical risks and trade war fears support the safe-haven XAU/USD. Meanwhile, the Fed's hawkish shift acts as a tailwind for the elevated US bond yields and a bullish USD, capping the non-yielding yellow metal.
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