A weak Gold is testing May low in area 1,930 $/oz
MarketsFN Team
•1 min read
The shiny metal is testing last month low in area 1,930. The commodity had been quite weak recently with 5 consecutive losing session, including this one. XAU/USD is losing at the moment 0.5% at 1,932.3 $/OZ. If selling pressure would continue probably gold will test area 1,900 (61.8% Fibonacci support of the uptrend February-May 2023). Positive market sentiment should came back if the commodity will manage to rise above both 21 day SMA and 55 day EMA in area 1,970.
