Gold price dipped below the three-week descending resistance level of $1954, continuing its three-week downtrend.
The XAU/USD retracement ignores the low performance of the past few days, but the bearish signal from the MACD has attracted Gold buyers. The drop in gold's short-term momentum suggests that it needs to regain its simple moving average (SMA) to reverse the bearish sentiment.
Experts predict that gold is likely to break out of the 38 support area and hit new lows.
The XAU/USD retracement ignores the low performance of the past few days, but the bearish signal from the MACD has attracted Gold buyers. The drop in gold's short-term momentum suggests that it needs to regain its simple moving average (SMA) to reverse the bearish sentiment.
Experts predict that gold is likely to break out of the 38 support area and hit new lows.
