Gold Price Forecast: XAU/USD could resume the upside above the $1,800 mark

Gold price is dropping for the first time in five trading days on Monday. Here you can find XAU/USD’s technical analysis by FXstreet’s Dhwani Mehta.

Gold sets off the week on a wrong footing

“Gold is below the 200-Daily Moving Average (DMA) at $1,791, with bears eyeing Thursday’s low at $1,781 as the next downside target. Further south, the moderately bullish 21DMA support at $1,768 could come into play.”  

“On the upside, the immediate resistance is seen at the 200DMA, above which buyers will yearn for a sustained move beyond the $1,800 threshold. Gold price will then see fresh buying opportunities for a test of Friday’s high at $1,806.”