Gold Price Analysis: XAU/USD plummets to lows, fast approaching $1850-48 key support

Gold Price Analysis: XAU/USD plummets to lows, fast approaching $1850-48 key support

Gold witnessed some fresh selling on Wednesday and erased the overnight modest gains.

The set-up favours bearish traders and supports prospects for an extension of the downfall.

Sustained weakness below the $1850-48 region will add credence to the negative outlook.

Gold extended its intraday retracement slide from the $1884-85 region and refreshed daily lows during the early North American session. The commodity has now erased the previous day’s modest recovery gains and was last seen trading just below the $1860 level.The emergence of some fresh selling on Wednesday supports prospects for an extension of this week’s sharp pullback from the $1965 congestion zone. That said, bearish traders might still wait for a sustained weakness below the $1950-48 horizontal support before placing fresh bets.The mentioned region coincides with September monthly swing lows, which if broken decisively might prompt some aggressive technical selling. Meanwhile, technical indicators on the […]

About the author: StockMan

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