XAUUSD Gold Long Term Forecast for Investors
As we have mentioned in our previous forecast, XAUUSD reached 1208 USD. New visitors may read the forecast: XAUUSD GOLD FORECAST
Market players saw that the strategy of quantitative easing has ended and FED will continue walking on the new path. Booming U.S. economy, rising interest rates, and rising bond yields will all help to support U.S. dollar strength. Recent gains in the DXY have had a direct impact on gold, pushing prices lower. This trend could remain intact until the process of quantitative normalization has run its course.
Gold’s bearish momentum can also be seen in the exchange-traded products sector.
We have mentioned several times, it is not a right time to buy gold as long as the prices remain below 1250 USD.
Bigger charts are indicating the continuation of the bearish trend. Price is below EMA 100 on the weekly chart. RSI came into the oversold region. But in the monthly charts, RSI has more rooms downside.
1204 and 1198 are the key levels. The problem will start if Gold prices break below 1198. Fibonacci 61.8% of the latest Bullish Move – Nov 2105 Jul 2016 – will be the decision level: 1187 USD.
Key Levels on the SMALLER chart timeframes:
Downside: 1204 1198 1187
Upside: 1218 1234 1257
Our strategy is to use pullbacks as selling opportunity. We will leave the bearish game at the Daily Closings above 1257.
If we see intraday buying/selling opportunity we will publish our idea for the members.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
XAUUSD Gold Forecast: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility