Gold price sees a temporary reprieve at the start of the week. XAU/USD could see selling resurgence near $1,680, FXStreet’s Dhwani Mehta reports.
Risks remain skewed to the downside for gold while below 21-DMA
“After last week’s recovery rally, XAU/USD needs a daily close above the bearish 21-Daily Moving Average (DMA) at $1,679. However, the $1,670 round number and Friday’s high of $1,675 will need clearance first.”
“On the downside, the $1,660 level offers strong support to buyers, which if breached will accentuate the bearish pressures towards the September 29 low of $1,642.”
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