Gold Price Forecast: XAU/USD needs to defend $1,747 to keep upside potential intact
Gold price starts the week in the red but holds in a familiar trading range. Defending 23.6% Fibo is critical for XAU/USD’s further upside, FXStreet’s Dhwani Mehta reports.
Next topside resistance is at Friday’s high of $1,761
“The 14-day Relative Strength Index (RSI) remains in the bullish territory, while the 21 and 100-Daily Moving Average (DMA) bullish crossover keeps the upside potential intact.”
“The next topside resistance is at Friday’s high of $1,761, followed by the $1,770 round figure.”
“On the flip side, a breach of $1,747, the 23.6% Fibonacci Retracement (Fibo) level of the latest rally from the November 3 bottom at $1,617, will open floors for a test of the $1,720. At that level, the ascending 21DMA and 38.2% Fibo level converge. Further down, the horizontal 50DMA at $1,712 will come to the rescue of Gold buyers.”