Gold Price Forecast: XAU/USD to retest $1,650 amid a renewed downswing

Gold price has kicked off the week on a wrong footing this Monday, having faced rejection at $1,680 on its road to recovery. In the view of FXStreet’s Dhwani Mehta, XAU/USD could retest $1,650 support.

The downside bias remains well in place

“The immediate support is seen at the previous day’s low of $1,654, below which sellers could aim for the $1,650 psychological level. Further down, the falling trendline support at $1,629 will be challenged on the way to the pattern target measured at $1,574.”

“On the flip side, the recovery needs to find a strong foothold above the $1,680 recent highs. The next relevant upside barrier is seen at $1,700. The bearish 21-Daily Moving Average (DMA) at $1,715 could lure buyers should the renewed upside gain traction.”