Gold Price Forecast: XAU/USD accelerates reversal, bears aim for $4,500 area
XAU/USD maintains a bearish near-term bias from mid-April highs, with technical indicators on the 4-hour chart endorsing the negative view. A softer Relative Strength Index (RSI) near 36 and a Moving Average Convergence Divergence (MACD) reading, slipping into negative territory, hint that downside momentum is still dominating rebounds. Bears are aiming for the support area between the April 29 low, at $4,510, and the late March lows right below $4,500. Further down, the March 26 low at the $4,350 area, and the March 23 low near $4,100 emerge as the next likely target. Upside attempts, on the other hand, are likely to be tested at Fridays high of $4,660, ahead of the mentioned mid-April highs, below $4,900. Gold FAQs Gold has played a key role in human‘s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Gold has an inverse correlation with the US