Gold Price Forecast: XAUUSD could accelerate its decline towards the key $1,800 support
|Gold Price is extending its losing streak into the fourth straight trading day on Wednesday. XAUUSD bears aim for $1,800, FXStreet’s Dhwani Mehta reports.
XAUUSD’s daily technical set up lean bearish
“The daily setup is outrightly leaning in favor of bears, with a test of the rising trendline support at $1,810 inevitable following rejection above the 200 DMA on multiple occasions.”
“The bearish 21 DMA is set to cross the horizontal 200 DMA for the downside, which if happens will confirm a bear cross formation. The bearish crossover will add credence to the renewed downtrend in the yellow metal. Sellers will then challenge the June lows of $1805 on their way to the key $1,800 round figure.”
“Gold needs a sustained move above the critical 200-Daily Moving Average (DMA) at $1,843 barrier to reverse the ongoing downside momentum. The 21 DMA coincides at that level. Acceptance above the latter could test the $1,850 psychological level. Daily closing above that level will threaten the intermittent tops at $1,858.”
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