Gold Price Analysis: Gold to Slide Below the $1,614 Support

Gold Price Analysis: Gold prices are likely to revisit the previous low of $1,614 as the bearish momentum is set to continue, if gold closes below $1658 today, the bearish trend in gold will continue.

Bearish Trend Will Continue in Gold

“Strong US job reports, and higher inflation led gold to resume its downtrend, and it is likely to fall below $1,580.”

“Immediate support lies at $1,614, the previous low. A break of this support should see prices touching the lower bound of the downward channel, which will be below $1,580.

“Immediate resistance is at $1,710, and an upward break of this level would see the next resistance point at $1,740, which will also mark a reversal of downtrend.”

• Currencies Report: Central Banks Are Noisy Ahead of US Inflation Data
• Gold Price Forecast: Gold Maintains Modest Gains Near $1,672 Area
• MCX Gold Forecast: Yellow Metal $1740 or $1580

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