Gold Price Forecast: XAU/USD bulls retain control near one-week high, just above $1,760 – by hareshmenghani Gold Commodities Fed XAUUSD SEO
is now looking to build on last week's goodish bounce from the $1,725 region amid the emergence of fresh US Dollar selling.The prospects for a less aggressive policy tightening by the Federal Reserve continue to weigh on the greenback, which, in turn, is seen benefitting the Dollar-denominated Gold.
On the flip side, the intraday low, around the $1,746 area, now seems to protect the immediate downside ahead of the $1,736-$1,735 region. The next relevant support for Gold price is pegged near the $1,725 zone, or a nearly two-week low touched last Wednesday. A convincing break below the latter might prompt some technical selling and drag spot prices further towards the $1,700 round-figure mark.
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