Gold Price Forecast: Bullish Explosion or Crash Ahead?
The increase in U.S. Treasury yields and the strength of the US dollar caused gold prices (XAU/USD) to drop last week, dropping roughly 1.05% to $2,155. The precious metal has maintained a strong bullish momentum despite this setback, as evidenced by its performance in March thus far, which has resulted in a gain of about 5.5% and led to recent all-time highs.
Gold prices dropped last week, they were able to hold above the EMA 72 support at $2,150. Bulls need to actively guard this technical zone to avoid selling pressure building up, as failing to do so could lead to a decline towards $2,085. Conversely, if buyers take back control of the market and initiate a bullish reversal from the metal's current position, the main barrier is the record peak set earlier this month at $2,195
Gold prices dropped last week, they were able to hold above the EMA 72 support at $2,150. Bulls need to actively guard this technical zone to avoid selling pressure building up, as failing to do so could lead to a decline towards $2,085. Conversely, if buyers take back control of the market and initiate a bullish reversal from the metal's current position, the main barrier is the record peak set earlier this month at $2,195