Gold Price Forecast: Acceptance below $1,780 to shift bias back in favour of XAU/USD bears
|Gold settled below the $1,800 mark and edged lower through the Asian session on Thursday, marking the second successive day of a negative move. A break below $1,780 will shift the bias back in favour of XAU/USD bears, according to FXStreet’s Haresh Menghani.
See – Gold Price Forecast: XAU/USD set for a recovery towards $1830/34 – Commerzbank
Investors eye Thursday’s US macro data for some impetus
“Market participants now look forward to Thursday's US economic docket, highlighting the release of monthly Retail Sales figures, Philly Fed Manufacturing Index and Weekly Initial Jobless Claims. The data, along with the US bond yields, will influence the USD price dynamics.”
“A convincing break below the $1,781 area would set the stage for a deeper retracement to the $1,750 level. The downward trajectory could further get extended towards the $1,729-28 intermediate support before gold prices eventually drop to the $1,700 mark.”
“Any meaningful positive move back above the $1,800 mark might continue to confront stiff resistance near the $1,808-10 region (200-DMA). A sustained strength beyond has the potential to lift the metal back towards the $1,832-34 heavy supply zone. The latter marks the multiple-tops barrier, which if cleared decisively should pave the way for a move towards the $1,853 region.”
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