Gold Price Forecast: XAU/USD eyes daily close for bear pennant confirmation, downside remains favored Gold XAUUSD
“The non-interest-bearing yellow metal appears vulnerable with more tightening coming in from Switzerland and the UK in the session ahead. Meanwhile, should the tensions between Russia and the West intensify, the dollar could see the additional upside, as a flight to safety may remain at full steam. Therefore, XAU/USD appears in a lose-lose situation in the near term.”
“On the flip side, any recovery attempts will need acceptance above the recent range highs near $1,680. The next upside barrier is aligned at around $1,700. Daily closing above the latter is critical to unleashing the further recovery towards the bearish 21-Daily Moving Average at $1,704.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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