XAUUSD retreats further from a multi-month top, $1786. The weekly low, near $1750, might protect the immediate downside ahead of the $1745 area below which Gold is likely to extend the ongoing corrective pullback towards $1730 demand zone. The 100-hour SMA, currently near the $1768 region seems to cap the upside. A sustained move above it would allow gold bulls to test $1780 supply area again. Sluggish sentiment and US Dollar rebound also favor XAUUSD bears as long as Gold below $1778. We expect Gold to move lower towards $1756 - $1750 area.
Note
Gold is moving as expected towards $1756.Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.