Gold Price News and Forecast: XAU/USD drops back towards multi-month lows in the $1720s
|Gold Price Analysis: Bears testing the commitments of the bulls
Gold prices are carving out a lower low in contrast to corrective expectations. Bulls can target a daily bullish retracement, anticipating a bid from deep with demand ahead of $1,700. Further to earlier analysis at the start of the week and in Monday's New York session, Gold prices have already started to make their intentions clear towards the $1,700 figure.
Gold Price Analysis: XAU/USD drops back towards multi-month lows in the $1720s
What had looked to be a promising rally in spot gold prices (XAU/USD) during Monday’s Asia Pacific session, during which time spot prices rallied from the $1730s to session highs at $1760, was not to be. Gold was sold throughout the European and US trading session, dropping back to the $1720s by the end of US trade after resistance in the form of the 18 February $1760 low appears proved insurmountable.
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