Gold has been on a bearish dump since its high 2070 which was recorded on 7th of march 2022. The commodity pair has since then maintained a steady dump, analysis shows that XAU is not just in a dump but in a descending channel which had been tested with two touches, the commodity pair seem to be absolutely obedient to the channel and had dropped at every touch of the upper descending trend line.
What is the current forecast for Gold.....?
Currently the dollar is very bullish and due to its correlation with the commodity XAU is bearish. Although there's no sign of reversal, a rally above 1670 is a signal for long.
Remember trading is a waiting game don't chase a trade or you'd be catching a falling knife.
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What is the current forecast for Gold.....?
Currently the dollar is very bullish and due to its correlation with the commodity XAU is bearish. Although there's no sign of reversal, a rally above 1670 is a signal for long.
Remember trading is a waiting game don't chase a trade or you'd be catching a falling knife.
Follow Saffroninvest for more updates.