Gold price pulls back before heading to $1,804 supportaccording to Dhwani Mehta, an analyst at FXStreet.
Downside risks
“The price of gold has finally broken lower, at the daily close, the horizontal trend line support from the low of January 5 in $1,825. The rupture that has reopened the doors towards the level of the $1,800. However, gold bears will need to break the seven-week low first. $1,819 and the support of the descending trend line in $1,804.”
“On the opposite side, the psychological level of $1,850 it needs to be surpassed in a sustained way to revive bullish interests. The intraday high in $1,831 and the maximum of last Friday in $1,848 could hinder the path of gold buyers in a possible recovery attempt.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
