Gold Price Forecast: Gold (yellow metal) is under pressure below $1750, courtesy of the resurgent haven demand for the US dollar across the board. The Turkish central bank upheaval over the weekend and overheating fears continue to boost the greenback’s safe-haven appeal.
Gold Price Forecast
Also, the Fed’s decision to let a capital break on big banks expire on Friday weighs negatively on gold.
Gold Price Analysis: XAU/USD bulls stay hopeful despite recent losses targeting $1,730
Gold portrays a corrective pullback from the day’s low of $1,732.61, currently down 0.50% near $1,737, during early Monday. In doing so, the yellow metal rejects Friday’s upside break of short-term key resistance.
However, bullish MACD and the commodity’s sustained trading above 10-day SMA keeps gold buyers hopeful above $1,731. Also acting as the downside filter is the $1,700 threshold and the recent low near $1,675.