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- Gold Price Forecast: XAUUSD's technical setup suggests a brief pullback
Gold Price Forecast: XAUUSD's technical setup suggests a brief pullback
Gold price is consolidating gains near $1,750. So, it appears another pause for buyers this Friday, as they contemplate the next big jolt higher, FXStreet’s Dhwani Mehta reports.
Another pause before next big XAUUSD rally
“Gold price is seeing a brief so-called bull flag formation on the daily timeframe. Therefore, another leg higher cannot be ruled out toward the $1,800 mark, especially after closing Thursday above the psychological $1,750 barrier. The bearish 200-Daily Moving Average (DMA) aligns near the $1,800 level.”
“The bullish 14-day Relative Strength Index (RSI) still lurks beneath the overbought territory, suggesting that there is more room to the upside.”
“Before resuming the uptrend, Gold price could correct toward the $1,740 round figure, below which the October high at $1,730 will be back in play.”
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