Weekly Technical Gold Price Forecast: Losing Key Uptrend Support Advertisement
Weekly Technical Gold Price Forecast: Neutral
Gold prices continue to struggle, even as the US Dollar falls back. Risk appetite is surging, reducing demand for the safe haven.
China’s Spring Festival Golden Week is under way, meaning that global financial markets may see less trading activity coming out of Asia in the coming days.
The IG Client Sentiment Indexsuggests that gold prices in USD-terms (XAU/USD) have a mixed bias.
Gold Prices Week in Review
Gold prices rebounded last week, but only if you squint. Both gold in NZD-terms (XAU/NZD, +0.14%) and gold in USD-terms (XAU/USD, +0.56%) rallied, but every other major currency denomination of gold prices fell back. In a sense, the gains seen by either XAU/NZD or XAU/USD proved inconsequential, insofar as key technical breakdowns that preceded this past week’s price action have not been nullified. Gold in EUR-terms (XAU/EUR, -