Gold Price Forecast: XAU/USD to added credence to bearish potential on a drop under $1,750

Gold price is meandering near three-week lows. There is more for sellers to flex their muscles, FXStreet’s Dhwani Mehta reports.

Downside open for gold bears

“A sustained move below the $1,750 psychological level will be on their radars to aim for the next downside target near the $1,730 region.”

“Acceptance above the 21-Daily Moving Average (DMA), now at $1,766, is crucial to initiate any meaningful recovery. However, the bearish 50 DMA at $1,774 will be a tough nut to crack for bulls. Fresh buying opportunities above the latter could warrant a retest of Wednesday’s high at $1,782.”