Gold Price Analysis: XAU/USD struggles below $1,800 amid risk-off mood
Gold steps back from intraday high while flashing $1,772 as a quote amid Friday’s Asian session. In doing so, the yellow metal rejects the initial consolidation of the biggest losses in 14 days marked on Thursday. Although mildly negative S&P 500 Futures and sustained recovery of the US dollar index (DXY) seem to back the gold sellers, BioNTech’s hopes of finding a vaccine for Indian-origin covid strain seem to battle the moves.
Gold Price Analysis: Bears seeking a daily close below the support
The price of gold is trapped in daily support and resistance but pressured at 4-hour resistance. The support is fragile, but the weekly bullish target is eyed at dynamic trend line resistance. The bulls are tiring at 4-hour resistance in a trapped environment on the daily chart.
The following analysis illustrates the weekly prospects of a test to the upside if resistance breaks and where the bears need to accumulate for a downside test of the weekly support structure.