Gold Price Forecast: XAU/USD remains vulnerable, a test of $1750 is on the cards
|Gold price is pressuring lows near $1765. As FXStreet’s Dhwani Mehta notes, XAU/USD eyes $1750 after rejection at the critical 200-Daily Moving Average (DMA) at $1796.
Dynamics in the yields and dollar will be closely followed by gold traders
“The rising inflationary concerns-led earlier Fed’s tightening calls keep the buoyant tone intact around the Treasury yields, which limits the upside attempts in XAU/USD.”
“Gold is looking to extend Friday’s decline towards the horizontal 21-DMA support at $1761. A sustained break below the latter could bring the last week’s demand area at $1750-$1745 back into play. Further south, the multi-week lows of $1722 could be on the sellers’ radars.”
“Gold bulls will need to recapture the 50-DMA at $1778 to revive the bullish interests. The next relevant target awaits at $1795, the confluence of the 100 and 200-DMAs. Buyers will then aim for the $1800 round number.”
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