Gold (XAUUAS) Short-term rise, but long-term bearish.

2021年5月6日

Gold (XAUUAS) Short-term rise, but long-term bearish.

The gold price is $ 2075 / oz from August 2020 falling to the low $ 1676 / oz in March 2021, and the chart pattern presents a downtrend.

March-April gold prices rose mainly due to
1. U.S. Dollar Index fell.
2. The U.S. Treasury Yield Curve Rates at a range of 1.6-1.7%, stay in the range and no longer rise.
3. The World's Macroeconomy has inflation doubts in the future.

By the technical analysis:

Daily Chart, the Moving Average System: MA60 has "Death Cross" MA200 on February 10th, so it is recommended to sell at a high position.

Although the price may continue to rise in the short term, it is still recommended to go short below the moving average (MA200).

Recent range: 1765 - 1860

Update: May 07. 2021
Forecast validity: 10 - 20 Market Days.