XAU/USD Price Forecast: Gold prices look to Fed speak & ISM services PMI for guidance and whether or not bears can take XAU/USD down towards the $1800/oz mark.
Gold Price Analysis: Gold prices (सोने की कीमतों) are experiencing losses, reaching a six-week low near $1,950 on Friday morning. This decline is attributed to a temporary pause in the upsurge of the United States Dollar (USD), as the market awaits updates on the US debt ceiling issue and the upcoming speech by US Federal Reserve (Fed) Chair Jerome Powell later in the day.
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Gold Update, Gold Forecast, MCX Gold Tips Today, MCX Gold Forecast Today: “The next downside target is the falling trendline support at $1,827 should the previous day’s low give way. Further declines could challenge bullish commitments at the horizontal trendline support from the December 30, 2022 low at $1,812.”
- Silver prints three-day losing streak as sellers flirt with 2.5-month low.
- Clear downside break of 100-DMA, bearish MACD signals favor sellers.
- 50% Fibonacci retracement, 200-DMA challenge further downside.
- Recovery remains elusive unless crossing $23.15, ascending trend line from early September 2022 adds to the downside filters.
Spot Silver Forecast: Silver price remains mildly bid around the eight-month high as it reverses the previous day’s pullback by rising to $24.40 during early Thursday.
Gold Price Forecast: Having defended the critical 200-Daily Moving Average (DMA) support at $1,785 on Monday, Gold price once again found fresh buyers near that level and staged a solid bunce in early Tuesday.
MCX Gold Forecast For Today: Gold Technical chart is showing a formation of the “Bullish Megaphone”, and we can see in the medium term that gold has been strong.