Gold Price Forecast: XAU/USD stays on the bear’s radar but $1,643 may offer an intermediate halt

FXStreet Insights Team FXStreet

Gold price remains mildly offered. The $1,643-$1,642 area seems to protect the immediate downside, FXStreet’s Haresh Menghani reports.

Break past $1,680-$1,682 to quickly direct XAU/USD towards $1,700

“Any subsequent strength beyond the Asian session swing high, around the $1,670 area, is likely to confront stiff resistance near the $1,680-$1,682 supply zone. Some follow-through buying should allow gold to aim back to reclaim the $1,700 round-figure mark. The positive momentum could further get extended and lift gold towards retesting monthly peak, around the $1,730 region.”

“The $1,643-$1,642 area seems to protect the immediate downside ahead of the $1,637 zone. This is followed by the $1,620 level and the YTD low, around the $1,617-$1,614 region, which if broken decisively will be seen as a fresh trigger for bearish traders. Gold might then accelerate the fall towards challenging the $1,600 round figure before extending the downward trajectory towards the $1,580-$1.575 support.”

Author

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.

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