Gold Price Approaches Resistance as the US Dollar Slides

Gold price forecast

The precious metal is running higher on the back of a weaker US dollar and is testing a former area of support turned resistance. Gold will need to make a confirmed break of $1,730/oz. Though if the backdrop for the precious metal is to turn bullish.

The US dollar is sitting on a zone of support held for the last month and is consequently making a double-bottom pattern in the process. This technical pattern typically suggests a price reversal, from bearish to bullish, but a break of the neckline – currently around 113.85 – is needed to confirm this set-up. However, a break and open below this area leaves the US dollar likely to re-test a prior swing high and a cluster of previous lows around the 109.30 level.

Leave a Reply

Important Link

Fund Your Deriv Account
Withdraw Funds to Your Local Currency
VIP Trading Signals
Learn To Trade

Contact Us

Follow Us


Forex, Crypto, Options, and Binary Options have both large potential rewards and large potential risks. Therefore, before investing or trading any of the assets, ensure you are aware of and willing to accept the accompanying risks. Do not trade money you cannot afford to lose.

All Rights Reserved. None of the content of this website can be published elsewhere by any means without the prior consent of the owner(s). Please, check our terms & conditions and privacy policy before continuing to use this website.

This website and its owner(s) are not in any way liable for any incurred loss, whether caused by the information provided on this website or otherwise. The use of this website, including the content and information provided, is the user’s sole liability.