Gold Price News and Forecast: XAU/USD is now firmly back into the hands of the bears
|Gold Price Analysis: XAU/USD bulls trying to defend $1,800 amid cautious optimism
Gold keeps $1,800, currently around $1,805, while struggling to defy the previous day’s pullback from a one-week top during the initial Asian session on Wednesday. The yellow metal snapped the two-day winning streak amid the US dollar’s corrective pullback. However, the greenback’s failures to hold the recovery moves seem to favor the gold buyers.
Gold Price Analysis: Bears engaging below firm resistance, targetting $1,750
Between the 61.8% Fibo / 50% mean reversion and the confluence of old support has proven to be a firm resistance. Gold is now firmly back into the hands of the bears targeting $1,750. As per the prior analysis, Gold Price Analysis: Bulls setting up for upside extension to -61.8% Fibo/$1,817/20, the price indeed rallied as according to the analysis, falling short of the target by $1.00 from which conservative bulls cashed in at.
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