Gold Price News and Forecast: XAU/USD recovery loses momentum near $1,760
|Gold Price Analysis: Bulls moving out, bears moving in eyeing $1,685
Gold prices have deteriorated sharply in recent days, falling below a key monthly support level which would now be expected to act as a firm resistance, as illustrated in the top-down analysis below.
However, the question is how far can gold fall before the bulls reengage, given that the long-term fundamental backdrop is still bullish because of higher inflation expectations and lower real yields?
Gold Price Analysis: XAU/USD recovery loses momentum near $1,760
The XAU/USD pair started the new week on a firm footing and staged a strong rebound during the first half of the day. However, the pair struggled to preserve its bullish momentum into the American session and erased a large portion of its daily gains. As of writing, XAU/USD was posting small daily losses at $1,733.
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