GOLD FORECAST: EBBING VOLATILITY PRESSURES XAU/USD TOWARD TECHNICAL SUPPORT AFTER PIERCING $1,600
- Gold has inked a powerful begin to 2020 with spot costs on tempo for a 1% achieve within the year-to-date, however the commodity is presently buying and selling roughly 5% off final week’s swing excessive
- The current pullback in gold, pushed largely by plunging volatility, has despatched XAU/USD to check technical help with potential of retaining bullion’s broader uptrend intact
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Spot gold (XAU/USD) is down about 5% from its swing excessive above the $1,600 document final week. Whereas gold costs have skilled downward pressured as of late, the commodity stays roughly 1% increased year-to-date.
However, gold might quickly resume its march increased in mild of the collection of technical help ranges residing barely under spot XAU/USD with potential of retaining the value of gold afloat.