Gold Price News and Forecast: XAU/USD bears seeking justice below key support
|Gold Price Analysis: XAU/USD sellers keep lurking around $1,780
Gold prices remain lackluster below $1,780, currently around $1,776.44, during the early Friday’s Asian session. The bullion flashed a positive closing the previous day but couldn’t cross the one-week-old horizontal resistance. Though, the monthly support line continues to stop bears’ entry.
As a result, the buyers will look for a clear break above $1,780 to challenge the recent tops surrounding $1,789/90. However, the year 2012 top near $1,795/96 and $1,800 threshold can offer additional upside barriers afterward.
Gold Price Analysis: XAU/USD bears seeking justice below key support
XAU/USD has been a mixed bag this week and for the start of the month, trapping bears in a recent stop hunt from the $1,757.66 level where it met a high of $1,779.69 on the last session before the US long weekend.
At the time of writing, the price of the yellow metal is trading at $1,776.07 ahead of Thursday's close in the US session awaiting Asia to pick up the baton for the last day of the week. Casting minds back, the precious metal had rallied steadily since mid-March, eyeing the psychological $1,800 level.
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