GOLD Analysis - Gold Price Declines To 11 Week Low - Kakiforex.com - Financial Market Media No. 1 in the World GOLD Analysis - Gold Price Declines To 11 Week Low GOLD Analysis - Gold Price Declines To 11 Week Low
InstaForex

June 30, 2021

GOLD Analysis - Gold Price Declines To 11 Week Low

 The XAU/USD price chart, which measures the value of gold against the US dollar in yesterday's trading, shows that the price of gold is declining.


After 8 days the price moved flat at the support level of 1765.00, the price has displayed a decline below that level yesterday to record the latest 11 -week low.


Analysts remain expecting gold price to continue to show a decline with price movement signals below the Moving Average 50 (MA50) barrier level in the 1 -hour time frame.


The daily decline of almost 300 pips yesterday has reached the level of around 1750.00 before re -testing the level of 1765.00.


Being the latest resistance level, the 1765.00 level was also tested in the Asian session this morning (Wednesday) before the price resumed its decline to yesterday's lows continuing in European session trading.


With the expectation that the US dollar will continue to strengthen and push the price of gold to decline, the price will approach the 1745.00 level to test the support level.



The next lower decline will be to the level of 1720.00 before the price reaction at the 1700.00 focus zone will be evaluated.


If the price moves again above the level of 1765.00 again, will give a positive indication for investors for the expectation of a rebound in the price of gold.


For a bullish situation, the resistance level at 1800.00 remains a target to be tested after the price fell below that level a few weeks ago.