Will Gold Spot Decline More? (TP 1682.6) for OANDA:XAUUSD by forextidings

Gold ( XAUUSD ) and silver ( XAGUSD ) has crashed in the previous week. Gold has lost -113.585 points (-6.05%), and silver lost -2.14315 (-7.68%). Millions of CFD’s traders have lost money in that week.

Where’s gold’s bottom?

According to technical analysis and fundamentals research, gold can decline more. Gold has broken the strong support trendline ( 01 ) and marching for 02. If it doesn’t close above to trendline of 01 in the first two trading sessions, it will be unstoppable through high selling pressure by speculators. And we will see the target price 2.

Technically, the most popular indicators are indicating a complete downtrend. And Stoch RSI is signaling for a reversal. So, it can pullback up to a retracement level of 38.2% or 01 trendlines . If that not happen, gold can lose 81.635 points more.

In the previous week, gold and silver were falls due to economic events and high selling pressures by speculators. For advance traders, watch significant releases or events that may affect the movement of gold, silver & crude oil.

Tuesday, Jun 22, 2021

00:30 – FOMC Member Williams Speaks

01:00 – All CFTC Speculative net positions

11:00 – Gold Index

20:30 – FOMC Member Daly Speaks

23:30 – Fed Chair Powell Testifies

Wednesday, Jun 23, 2021

02:00 – API Weekly Crude Oil Stock

18:30 – FOMC Member Bowman Speaks

19:15 – Flash Manufacturing PMI | Flash Services PMI

20:00 – Crude Oil Inventories

20:30 – FOMC Member Bostic Speaks

Thursday, Jun 24, 2021

18:00 – Final GDP q/q | Initial Jobless Claims

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