The post XAU/USD to see a trend reversal on a decisive break above $1,950 – ANZ appeared on BitcoinEthereumNews.com.

Gold breached the resistance level of $1,910. Economists at ANZ Bank analyze the yellow metal’s technical outlook. Buying could emerge at $1,900, limiting the downside Gold would need to stay above $1,910 and break the next resistance level, of $1,950, to reverse the current downtrend. A breach of $1,950 would also confirm the latest ‘double bottom’ formation, which would indicate a trend reversal. As the recent price action was triggered due Israel-Hamas war, the geopolitical premium could quickly vanish if the situation normalises. Prices could fall back below $1,900 range. But buying could emerge at this level, limiting the downside.   Source: https://www.fxstreet.com/news/gold-price-forecast-xau-usd-to-see-a-trend-reversal-on-a-decisive-break-above-1-950-anz-202310160721

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Filed under: News - @ October 16, 2023 10:16 am