Gold Price Forecast: Still in the Technical Woods - Levels for XAU/USD
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Gold Price Outlook:
Gold prices have staged a modest recovery over the past week, but remain deep in ‘the technical woods.’
With a cluster of Fibonacci levels above, it would appear that gold prices aren’t out of ‘the technical woods’ until 1835 is achieved.
According to the IG Client Sentiment Index, gold prices have a bullish bias in the near-term.
Questions Remain
Gold prices have enjoyed a small but consistent rally at the start of July, consistent with recent seasonality trends that peg gold for having one of its best months of the year. Fueled by falling US real yields in recent days – the slump in long-end US Treasury yields has outpaced the decline in inflation expectations – gold prices find themselves attempting to ‘turn the corner,’ technically speaking.
Christopher-vecchio
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