Gold Price Forecast: XAU/USD bears stay at the helm while below the 200-DMA at $1,805

Gold attracted some buying near the $1,785 region on Monday and ended the day in the green, snapping three consecutive days of the losing streak. But as FXStreet’s Haresh Menghani notes, XAU/USD bears have the upper hand below 200-DMA, around $1,805 area.

XAU/USD to alleviate downside pressure above the $1,805 zone

“A move back above the very important 200-day SMA, currently around the $1,805 region might provide some bullish impetus. Gold could then aim to surpass an intermediate barrier near the $1,812 area and accelerate the momentum further towards challenging the $1,830-$1,832 static resistance.”

“On the flip side, the $1,790 area now seems to protect the immediate downside ahead of last week’s swing low, around the $1,780 region.”

“A convincing break below $1,780 will be seen as a fresh trigger for bearish traders and pave the way for a slide towards testing the next relevant support near the $1,768 zone. The downward trajectory could further get extended towards December monthly swing low, around the $1,753 region.”