Gold Price Forecast: XAU/USD to confirm a bottom once above $1,674-75
|Gold struggles to capitalize on its goodish rebound from more than a two-year low touched earlier this week. XAU/USD needs to make it through $1,674-75 hurdle to confirm a bottom, FXStreet’s Haresh Menghani reports.
Any meaningful pullback might continue to find decent support around $1,645-$1,643
“Gold might accelerate the momentum towards the $1,674-$1,675 supply zone. The latter also marks a confluence hurdle, comprising the 50% Fibo. level and the 100-period SMA on the 4-hour chart. Sustained strength beyond could trigger a short-covering move and allow bulls to aim back to reclaim the $1,700 round-figure mark.”
“Any meaningful pullback might continue to find decent support near the overnight swing low, around the $1,645-$1,643 region, which coincides with the 23.6% Fibo. level. The next relevant support is pegged near the $1,620-$1,615 region, or the YTD low. Some follow-through selling will be seen as a fresh trigger for bearish traders and drag gold towards the $1,600-$1,590 area.”
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