Gold Price Forecast: Downside Risks Persist with Bear Cross
Gold prices returned to negative territory on Friday after a short-covering rally above $4,200. The metal faces a bear cross and is on track for a second consecutive weekly loss, with YTD lows near $4,000 in focus.
XAUUSD
Gold (XAU/USD) turned red again on Friday, reversing a temporary short-covering bounce that briefly pushed prices above $4,200 a day earlier.
The precious metal is heading for its second straight weekly decline. Earlier in the week, it tested the year-to-date floor near the $4,000 mark.
A bear cross on the daily chart keeps downside risks alive. Unless gold can reclaim key resistance levels, further pressure toward the $4,000 handle remains likely.
Source: FXStreet Forex News