Gold Price Analysis: Short-Term Corrections and Long-Term Trends

Stephen_Anders Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
The price of gold has dropped to near the 2,350 mark in the European trading session, continuing its downward trend after breaking through the SMA lines in the Asian session on Monday. The prolonged decline in gold prices may be attributed to the increase in US Treasury bond yields, coupled with a subdued market sentiment following a weekend without any escalation in political tensions in the Middle East.

In the short term, gold prices may undergo a corrective rebound phase, potentially reaching the 0.5-0.618 Fibonacci retracement level before testing lower price levels once again.
Gold Continues Decline to 2,334, Deep Downside Potential in the Near Future

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.