HomeContributorsTechnical AnalysisGold Prices Fall As Risk Appetite Gains

Gold Prices Fall As Risk Appetite Gains

The precious metal resumed the declines on Tuesday amid an improving risk appetite in the markets. Gold prices eased to a four-month low as the USD bounced back and the equity markets closed near record highs. Spot gold fell 0.1% on the day to hit the lowest levels of $1266 before pulling back.

What’s Next for XAUUSD?

With the precious metal failing to capitalize earlier on its consolidation above 1273, the declines mark further downside. The 200-day EMA has failed to keep a floor on the declines leading to the intraday losses. The next main target for XAUUSD comes in at the 1240 – 1250 handle. This level is very likely to provide support to the downtrend. In the near term, any rebound in prices could still see a move to the 1285 support which can be tested for resistance.

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