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Gold (XAU/USD) Price Forecast: From a technical perspective, the intraday chart for gold shows that the yellow metal now remains below the flat 20 simple moving average (SMA), which offers dynamic resistance around $2,907.
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The long-term moving averages continue to head north well below current levels, suggesting that bulls retain control for a long time. Meanwhile, technical indicators turned lower around their mid-lines, suggesting that gold could extend its corrective decline further.
In the near term, and according to the 4-hour chart, the gold pair is at risk of extending its decline. The 20 and 100 SMA combined provide resistance in the $2,907 area, while a bullish 200 SMA hovers around $2,865, providing support. Finally, technical indicators remain within negative levels, nevertheless, additional downside potential remains if the pair breaks below $2,880, the March 4 intraday low.
