Gold Price Analysis: XAU/USD eyes $1764-$1760 support area ahead of Fed – Confluence Detector
Gold (XAU/USD) is licking its wound below $1800 after extending losses into the second straight session, with all eyes on the Fed's decision for fresh direction. The Fed is expected to stand pat on its monetary policy, although it could acknowledge improving economic outlook amid successful vaccination campaigns.
Gold Price Analysis: XAU/USD bears cheer break of monthly support line below $1,800
Gold drops to the fresh one-week low of $1,767.68, down 0.43% intraday, during early Wednesday. In doing so, the bright metal justifies the previous day’s downside break of an ascending support line from March 31. Also supporting the gold sellers are the bearish MACD signals.
However, an area comprising tops marked since March around $1,760–55, becomes the key support.
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