Gold prices fell for the seventh day in a row and reached their lowest level this year XAU / USD

Gold Prices News

The reasons for the decline in gold prices for the seventh day in a row
Gold prices fall below 1,275 and reach the lowest levels this year
What is the direction of the price of gold in the coming days?
Gold price analysis on the weekly and daily XAU / USD charts
The reasons for the decline in gold prices for the seventh day in a row
The series of sharp declines on gold prices continue as the USD strengthened in recent days. The sudden rise in US equity prices since the end of last year, and the six-month highs this week, have also reduced traders' fears and turned many into larger and more risky markets. This increased demand by traders has led to a fall in gold prices for the fourth week in a row as a result of the large selling of gold prices.

Gold prices fall below 1,275 and reach the lowest levels this year
Gold prices have fallen 3% since closing last month at $ 1,314, reaching $ 1,273, the lowest level in nearly four months. As we see on the weekly chart below, gold prices started to fall with the RSI reaching 70 (Intensive Buy Zone), which hinted at the possibility of a fall in prices when gold rose to its highest level in mid-February. On the opposite side, we see gold prices rise while the Relative Strength Index reaches 30 (Intold Area).


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Looking at the weekly chart, the possibility of a continuation of the decline in gold prices is the largest to the rising trend line at $ 1,265, which is near the 50-day moving average (in blue). Note that we may see the reversal of gold prices then the upside and its direction to the resistance level (red) at $ 1,293 as we notice every time gold prices reach the same trend line since mid August.

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