Gold remains under pressure as XAU/USD flirts with the March low at $1676.80 a fall through which would eye the 50% retracement at $1616.18, Axel Rudolph, Senior FICC Technical Analyst, reports.
See – Gold Price Analysis: XAU/USD to slide towards the $1650 mark – OCBC
Key quotes
“Gold continues to slide and currently flirts with the early March low at $1676.80, a fall through which would have the 50 % retracement of the 2018-2021 advance at $1616.18 in its sights. Below it the September 2019 high can be seen at $1557.29.”
“Immediate downside pressure should remain in play while gold stays below the 2021 resistance line at $1730.57. Overall downside pressure will be felt while the price of gold remains below the November low, mid-March high and 55-day moving average at $1755.76/$1774.77.”
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