Gold Price Forecast: XAU/USD to resume its downtrend and fall below $1,700 – ANZ

FXStreet Insights Team FXStreet

Gold price rebounded strongly from its key support of $1,620. However, strategists at ANZ Bank expect XAU/USD to fall below $1,700 again.

A short-lived price rise

“Prices settling above the $1,800 resistance will be crucial to confirm a bullish trend in Gold. With the Fed expected to hike in December by 50 bps and inflation staying well above the target range, we believe it would be difficult for XAU/USD to break this resistance before the end of this year.”

“We expect Gold to take support at $1,700, while prices could still test the downside of $1,620, which is a key support level in the near-term. A break of $1,620 could potentially open the door for prices to fall below $1,600.”

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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.

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