Gold (XAU/USD) is falling sharply after rising to March highs above $1,750 and is testing key Fibonacci support at $1,720. As FXStreet’s Eren Sengezer notes, the bearish momentum is building up.
See – Gold Price Analysis: XAU/USD to sink towards the $1,500 mark – Deutsche Bank
Key quotes
“The immediate support is located at $1,720 (Fibonacci 23.6% retracement of the Feb. 2-Mar. 8 drop). With a daily close below that level, $1,700 (psychological level) could be seen as the next target on the downside.”
“On the upside, the initial hurdle could be seen at $1,738 (20-day SMA). Wednesday’s action confirmed $1,745 (Fibonacci 38.2% retracement) as strong resistance since gold closed the day near that level despite advancing beyond it and buyers could struggle to claim that area.”
Share
