Gold Price Forecast: XAU/USD to rise towards $2,070 on a break past $1,987 – BofA Gold XAUUSD Banks
Gold has been oscillating within a confined range between $1,945 and $1,987. Strategists at the Bank of America analyze XAU/USD technical outlook.The price action of gold in the period from May to July is increasingly resembling a 'head and shoulders' base pattern. This pattern is typically a bullish reversal pattern that indicates a potential shift from a downtrend to an uptrend.
Should Gold drop below the $1,945 level, we see a risk that prices might descend to retest their lows or the 200-Day Simple Moving Average , which hovers around the $1,900 mark.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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