Gold prices fall to new two-month-low, as US rates continue to rally & the greenback hits new highs—both bearish factors for gold. Given the Fed’s expected plans to tackle raging inflation, gold may see more trouble ahead.
the Gold market in this week’s technical forecast
, focusing on bearish potential as Gold prices put in a strong reversal in the month of April. After coming into the month with some bullish potential, largely on the basis of a support hold at the 1900-1923.70 zone, bulls drove a breach of the $2k handle as a breakout materialized in the first-half of the month.
But, after that resistance test at 2k matters began to shift and sellers haven’t yet shown signs of letting up., highlighting a bearish backdrop in Gold with a focus on the next support spot on the chart which I had plotted at around 1879.50. That price came into play last Wednesday before another bounce developed, with a fresh low printing at 1870.90.
And, on the resistance side of the matter, the same 1918 level that I’ve been tracking helped to hold the highs last week as sellers took another swing on Friday morning.
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