Gold: Bearish Development Just Around the Corner?

gold development bearish corner again
Middle East
  • Date: 01-Jul-2021
  • Source: Yahoo News
  • Sector: Oil & Gas
  • Country: Middle East
  • Who else needs to know?

Gold: Bearish Development Just Around the Corner?

The decline in gold continues, and while we might see a small pop-up higher here, it’s unlikely to last. And why could gold move slightly higher and correct the recent declines?

Because it has just reached the rising support line based on its previous important lows. The possible rebound could take place based on this single development. However, just because it might happen doesn’t make it very likely, and it doesn’t mean that taking any action now is justified. The medium-term forecast for gold remains bearish.

The situation in the USD Index is one of the reasons for this outlook:

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