Gold Price Forecast: Yellow Metal (XAU/USD) price drops for the fifth-consecutive day, set to finish the week down by 3%, triggered by sentiment shifting sour, while the US dollar reaches a five-week high against a basket of currencies. At the time of writing, gold is trading at $1746 a troy ounce.
XAU/USD Technical Outlook
Gold Price Sell-off Deepens Despite Rising Tariff, Trade War Concerns
Gold Silver Reports (GSR) – Gold Price Sell-off Deepens Despite Rising Tariff, Trade War Concerns – Gold prices posted an outside weekly reversal off resistance off yearly open resistance earlier this month with the subsequent decline now approaching a series of parallels which could offer some near-term support. The region of interest is $1255/60. Keep in mind that weekly momentum has fallen to its lowest levels since January 2017 and further highlights the downside risk for bullion.