Gold price is sitting at the lowest level in two months. XAU/USD is primed to test $1,794 amid a Bear Cross, FXStreet’s Dhwani Mehta reports.
Daily closing above resistance at $1,821 needed to attempt a meaningful recovery
“Gold price is maintaining its downtrend while within a falling wedge formation since peaking at $1,960 on February 2.”
“XAU/USD is likely to test the falling trendline support at $1,794 after it breached several crucial demand area last week. At that level, the bullish 100-Daily Moving Average (DMA) coincides. Ahead of that level, the $1,800 level will likely offer stiff resistance to Gold sellers.”
“On the flip side, Gold price needs to yield a daily closing above the falling trendline resistance at $1,821 to attempt a meaningful recovery. In doing so, the bright metal will see an upside break from the falling wedge.”
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