Gold Price Forecast: XAU/USD eyes acceptance above $1,760 to unleash additional recovery

Gold is staging a recovery rally above the $1,750 level this Tuesday. As FXStreet’s Dhwani Mehta notes, XAU/USD recovery needs acceptance above $1,760.

Downside to remain cushioned so long as the $1,740 mark is defended

“Gold price has recaptured the 23.6% Fibo level and the rising trendline support-turned-resistance, now at $1,747 and $1,749 respectively. The next upside barrier is seen at the $1,760 round figure. Acceptance above the latter is critical to unleashing the additional recovery toward $1,770.”

“On the flip side, the downside will likely remain cushioned so long as the $1,740 mark is defended. The bullish 21-Daily Moving Average (DMA) at $1,728 will be next in play. The $1,722 strong support will be the level to beat for Gold bears. That level is the confluence of the 38.2% Fibo level and the November 23 low.”