Gold Price Forecast: XAU/USD slides to $4,700 ahead of US CPI data
XAU/USDs technical picture shows a neutral-to-bearish bias on the 4-hour chart, with the pair consolidating below the $4,770 resistance area. The bigger picture, however, suggests that the yellow metal would be in an A-B-C correction after the completion of a 5-wave (Elliott Wave) bullish cycle in early April The 4-hour Relative Strength Index (RSI) has dropped below the key 50 level, while the Moving Average Convergence Divergence (MACD) remains below zero with a negative reading, suggesting that bears are starting to tighten their grip. On the downside, initial support lies between Mondays low at the $4,645 and the 38.2% Fibonacci retracement of the mentioned cycle, near $4,610. Further down, the late-April and early-May support at the $4,500 level will come into focus. A plausible target for an A-B-C correction would be the 78.6% Fibonacci retracement, at $4,320. On the topside, Mondays highs, at the mentioned $4,770 area, are expected to keep guarding the path towards the mid-April highs in the area of $4,880. 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