Gold Price Analysis: The $1800 mark is the next relevant target for bears

FXStreet Team FXStreet

Gold (XAU/USD) extended this week's rejection slide from the $1875-76 resistance zone and witnessed heavy selling for the fourth consecutive session on Thursday. XAU/USD seems poised to challenge 2021 lows, around the $1800 mark, FXStreet’s Haresh Menghani reports.

See – Gold Price Analysis: Physical demand to bolster XAU/USD in 2021 – CE

Key quotes

“Thursday's release of the US Initial Weekly Jobless Claims data will be looked upon for some impetus later during the early North American session. This, along with the US stimulus headlines and the US bond yields, will influence the USD price dynamics. Traders might further take cues from the broader market risk sentiment to grab some meaningful trading opportunities.”

“A slide towards challenging 2021 lows, around the $1800 mark, looks a distinct possibility. Some follow-through selling will be seen as a fresh trigger for bearish traders and set the stage for an extension of the downtrend, possibly towards the $1765-64 region touched on November 30.”

“The $1830 level now becomes immediate resistance. Any further recovery might be seen as a selling opportunity and runs the risk of fizzling out rather quickly near the ascending trend-line support breakpoint. The mentioned support-turned-resistance coincides with the very important 200-day SMA, currently around the $1848-50 region, which should now act a key pivotal point for short-term traders.”

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FXStreet Team

FXStreet

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