The importance of the 1930 support zone
Gold prices maintain a downtrend after the US open and XAU/USD trades at a new 4-week low near $1,930. The bright metal will end the week with significant losses despite weak demand for the US dollar.
The highlight of gold last week and also considered the reason for gold's decline were two news from the US Prelim UoM Consumer Sentiment and Chairman Powell's speech.
The price level of 1930 is right at the fibo price level of 0.618. If the price maintains this upper zone, it will likely continue to increase and the downward momentum is just a recovery for a hit. If this 1930 zone is broken, the next level is 1900, right at the psychological zone and fibo 0.5.
When the price actually breaks through 1900, the long-term downtrend will continue.
The highlight of gold last week and also considered the reason for gold's decline were two news from the US Prelim UoM Consumer Sentiment and Chairman Powell's speech.
The price level of 1930 is right at the fibo price level of 0.618. If the price maintains this upper zone, it will likely continue to increase and the downward momentum is just a recovery for a hit. If this 1930 zone is broken, the next level is 1900, right at the psychological zone and fibo 0.5.
When the price actually breaks through 1900, the long-term downtrend will continue.
Trade active:
SELL GOLD saclping 1940 right now
