Gold Price Forecast: Bearish Continuation In Play With Key Support Under Threat

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5/30/2024 9:25:21 PM

(MENAFN- DailyFX) recast: Bearish Continuation in Play with Key Support Under Threat Skip to Content

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May 31, 2024 Gold Price Forecast: Bearish Continuation in Play with Key Support Under Threat May 30, 2024 US Crude Oil Prices Return More Gains As Market Looks To Inventories, OPEC May 30, 2024 US Dollar Index Edges Lower, US Q1 GDP Second Estimates Prints at 1.3%
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May 31, 2024 Gold Price Forecast: Bearish Continuation in Play with Key Support Under Threat May 30, 2024 US Crude Oil Prices Return More Gains As Market Looks To Inventories, OPEC May 30, 2024 Gold (XAU/USD) Eyes Support, US GDP and Core PCE on the Horizon May 28, 2024 Gold Consolidates, Silver Continues to Outperform, US Inflation Data Key
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Host: Duration: min 01:20:40 widgets/economicCalendar._abbr () Actual Forecast PreviousRevised EUR/USD Bullish
1h Last updated:May 31, 2024
Long Short
Note: Low and High figures are for the trading day.
Data provided by News Market Sentiment Analysis & Outlook: EUR/USD, USD/CAD, Dow Jones 30 2024-05-30 17:30:00 EUR/USD IG Client Sentiment: Our data shows traders are now net-long EUR/USD for the first time since May 09, 2024 when EUR/USD traded near 1.08. 2024-05-29 18:23:31 Oil - US Crude Mixed
1h Last updated:May 31, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News US Crude Oil Prices Return More Gains As Market Looks To Inventories, OPEC 2024-05-30 14:30:16 US Crude Oil Bounces Back But Looks Rangebound Before OPEC's June Meet 2024-05-23 11:00:28 Wall Street Bearish
1h Last updated:May 31, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Market Sentiment Analysis & Outlook: EUR/USD, USD/CAD, Dow Jones 30 2024-05-30 17:30:00 Dow and Nikkei 225 Hit by Selling, Nasdaq 100 Losses Contained for Now 2024-05-30 10:45:31 Gold Mixed
1h Last updated:May 31, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Gold Price Forecast: Bearish Continuation in Play with Key Support Under Threat 2024-05-31 00:10:00 Gold (XAU/USD) Eyes Support, US GDP and Core PCE on the Horizon 2024-05-30 08:42:29 GBP/USD Bullish
1h Last updated:May 31, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News British Pound Edges Up Vs USD, Market Looks To US PCE Numbers As Next Big Clue 2024-05-29 12:00:28 Technical Analysis: EUR/USD and GBP/USD Rejected at Resistance. What Now? 2024-05-28 23:30:00 USD/JPY Mixed
1h Last updated:May 31, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Japanese Yen Sentiment Analysis & Technical Outlook – USD/JPY, EUR/JPY, GBP/JPY 2024-05-29 18:30:00 Japanese Yen Latest Forecasts – USD/JPY, GBP/JPY and EUR/JPY 2024-05-28 14:30:17 MoreView More

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Most Read: Market Sentiment Analysis & Outlook - EUR/USD, USD/CAD, Dow Jones 30
Gold (XAU/USD ) has enjoyed a remarkable rally this year, peaking near $2,450 in early May. However, the upward impetus has recently started to wane, with bullion retreating over 4% from its highs in the past few trading sessions. This price correction suggests a shift in investor sentiment, with bulls likely seeking greener pastures.
With underlying and fundamental drivers reasserting themselves, gold's weakness could persist in the near term. Sticky inflation , which could force the U.S. central bank to maintain a restrictive stance for longer, could reinforce the bearish case for non-yielding assets, creating a hostile environment for the yellow metal.
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For traders entertaining short positions, a crucial price point to watch is the $2,335 support zone. This area represents a confluence of technical indicators, including a key trendline and the 38.2% Fibonacci retracement of the March-May rally. A decisive break below $2,335, accompanied by higher-than-average trading volume, would be a strong selling signal.
If the price falls through $2,335, the next line in the sand is the 50-day simple moving average, currently sitting at $2,325. Breaching this support could trigger a deeper pullback, with potential downside targets around $2,265, a critical Fibonacci level just below this month's swing low.
However, the scenario isn't entirely one-sided. If the bulls regain control and push prices higher, initial resistance looms at $2,365, followed by $2,377. A push past this latter ceiling could dampen bearish sentiment and pave the way for a rally toward $2,420. Continued strength could even bring the all-time high back into play.
Wondering about gold's future trajectory and the catalysts that will drive volatility? Find all the answers in our free quarterly forecast. Download it now!
Recommended by Diego Colman Get Your Free Gold Forecast Get My Guide GOLD PRICE TECHNICAL CHART
Gold Price Chart Created Using TradingView

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