Gold Price News and Forecast: XAU/USD bears to target a run to weekly support at $1,765
|Gold Price Analysis: XAU/USD nears falling wedge hurdle
Gold trades 0.6% higher on the day near $1,841 at press time. The 4-hour chart shows a falling wedge pattern – converging trendlines connecting lower highs and lower lows. The converging nature of trendlines indicates the weakening of the bearish momentum. As such, a breakout is considered bullish.
Gold Price Analysis: Bears to target a run to weekly support at $1,765
Gold is testing the bear's commitments at the resistance structure. Weekly support could be their target if bulls capitulate at this juncture. As per the prior analysis, where gold was presumed to move higher given the structure and bullish chart formation, explained here, the bulls did indeed extend to the target.
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