XAU/USD short-term forecast
A continuation of the surge of the price for gold might eventually reach and once again test the resistance of the 1,800.00 mark. The 1,800.00 mark acted as a resistance level on October 14.
However, a decline might look for support in the 1,760.25/1,763.40 zone, which acted as support on Monday. Below this zone, the October low levels below 1,750.00 could act as support.
On the daily candle chart, the yellow metal's price has bounced off the resistance of the 100 and 200-day simple moving averages, which strengthened the resistance of the 1,800.00 mark.
We Expect the market will go up to the 1789-1790 levels and from there we should see downside momentum
However, a decline might look for support in the 1,760.25/1,763.40 zone, which acted as support on Monday. Below this zone, the October low levels below 1,750.00 could act as support.
On the daily candle chart, the yellow metal's price has bounced off the resistance of the 100 and 200-day simple moving averages, which strengthened the resistance of the 1,800.00 mark.
We Expect the market will go up to the 1789-1790 levels and from there we should see downside momentum
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