Market news

24 November 2021

Gold Price Forecast: XAU/USD to extend its slide on a break below $1,790

Gold bears are taking a breather on Wednesday, contemplating the next move ahead of a bunch of critical US data and Fed minutes. As FXStreet’s Dhwani Mehta notes, XAU/USD is charting a bear cross on the four-hour chart, therefore, the downside appears more compelling for gold price.

Fed minutes are likely to hint at the rate hike and taper timeline

“The FOMC minutes could shed fresh insights on the central bank’s rate hike outlook, in the wake of the rising inflationary pressures and robust economic recovery. 

“Ahead of the FOMC minutes, the US PCE Inflation, GDP and Durable Good data will influence the dollar and gold valuations as well.”

“Gold is carving out a bear flag formation on the four-hour chart. Therefore, a four-hourly candlestick closing below the rising trendline support at $1,790 is needed to confirm a downside breakout from the bearish continuation pattern. Bears will then keep their eyes on the pattern target measured at $1,707. However, the November 4 lows of $1,769 could challenge the bullish commitments before. The $1,750 psychological level could be next on their radars.”

“The rising trendline resistance at $1,798 will cap the recovery attempts. Acceptance above the latter will invalidate the bearish formation, opening doors for a retest of the horizontal 200-Simple Moving Average (SMA) at $1,806.”

 

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

Open Demo Account
I understand and accept the Privacy Policy and agree that my name and contact details can be used by TeleTrade to contact me about the information I have selected.
23 International Awards
Have a question?

We are ready to assist you in every step of your trading experience
by providing 24/5 multilingual customer support.

Follow us

Risk Warning: Trading Forex and CFDs on margin carries a high level of risk and may not be suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Prior to trading, you should take into consideration your level of experience and financial situation. TeleTrade strives to provide you with all the necessary information and protective measures, but, if the risks seem still unclear to you, please seek independent advice.

© 2011-2022 Teletrade-DJ International Consulting Ltd

Teletrade-DJ International Consulting Ltd is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and is licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11.

The company operates in accordance with the Markets in Financial Instruments Directive (MiFID).

The content on this website is for information purposes only. All the services and information provided have been obtained from sources deemed to be reliable. Teletrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.

TeleTrade cooperates exclusively with regulated financial institutions for the safekeeping of clients' funds. Please see the entire list of banks and payment service providers entrusted with the handling of clients' funds.

Please read our full Terms of Use.

To maximise our visitors' browsing experience, TeleTrade uses cookies in our web services. By continuing to browse this site you agree to our use of cookies.

Teletrade-DJ International Consulting Ltd currently provides its services on a cross-border basis, within EEA states (except Belgium) under the MiFID passporting regime, and in selected 3rd countries. TeleTrade does not provide its services to residents or nationals of the USA.

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Choose your language/location