Gold Price Prediction: XAUUSD would only give up its rally if it falls below $1,780-$1,763 — DBS Bank

Gold is down 4.7 percent from its all-time high of $1,998 set in mid-April. The sustained decrease in the XAUUSD, according to Benjamin Wong, Strategist at DBS Bank, is corrective.

April 26, 2022 - 04:58 PM 465 views

Gold Price Prediction: XAUUSD would only give up its rally if it falls below $1,780-$1,763 — DBS Bank

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© Gold Price Prediction: XAUUSD would only give up its rally if it falls below $1,780-$1,763 — DBS Bank

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Gold is down 4.7 percent from its all-time high of $1,998 set in mid-April. The sustained decrease in the XAUUSD, according to Benjamin Wong, Strategist at DBS Bank, is corrective.

The loss of the $1,944 and $1,925 support levels in quick succession shifts the focus back to gold's late-March lows of $1,890, and then to the next Fibonacci support cluster at $1,849.

Our base assumption is that gold would have to fall below $1,780-$1,763 to abandon its comeback from the $1,677 lows in March 2021. Otherwise, gold needs to re-establish itself by breaking through the $1,967-$1,980 resistance zone.

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