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Gold Price News and Forecast
Abstract：XAU/USD looks to retest $1,750 as risk dwindles
The price of gold is on the backfoot despite a weaker US dollar at the start of this week and the prospects are for a significant correction to the downside.
Failures at resistance have so far proven to draw in additional bearish flows and speculative shorts.
TECHNICAL ANALYSIS
Gold, daily chart
The bulls are facing a wall of resistance and the price could be drawn to a restest of the prior support and a 61.8% Fibonacci retracement.
Bears can engage from below hourly resistance.
Gold, hourly chart
Bears are in control below the hourly resistance after making a 38.2% Fibonacci retracement of the latest bearish impulse.
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Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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