Gold Price Forecast: Risks remain skewed to the downside for XAU/USD

FXStreet Insights Team FXStreet

Gold price turns cautious. As FXStreet’s Dhwani Mehta notes, the downside appears more compelling.

Daily closing above $1,718 to confirm a bearish reversal in the near term

“Gold price is challenging the critical daily trendline resistance at $1,718, which has capped the recovery for now. Daily closing above the latter is needed to confirm a bearish reversal in the near term. The next upside hurdle is seen at around $1,720 the round figure. Further up, the August 31 high of $1,727 will come into play.”

“A sustained move below the $1,700 mark is critical to unleashing the additional downside. On a breach of the strong support of around $1,690, sellers will again target the 2022 low of $1,681.”

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

GBP/USD hits multi-week tops around 1.3560

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Weekly focus: Some relief in US inflation concerns

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