GOLD PRICE FORECAST: XAU/USD AWAITS FALLING WEDGE CONFIRMATION ON A DAILY CLOSING ABOVE $1,814

Gold price remains sluggish. XAU/USD eyes daily close for Falling Wedge confirmation, FXStreet’s Dhwani Mehta reports.

Crucial support seen at Monday’s low of $1,807

“Gold price is teasing a falling wedge formation on the daily chart, having opened Tuesday above the falling trendline resistance at $1,814. Daily closing above the latter is needed to validate the bullish reversal pattern, with a quick test of Friday’s high at $1,828 on Gold buyers’ radars.”

“On the downside, crucial support is seen at Monday’s low of $1,807, below which the $1,800 mark will be tested. Further declines will challenge the bullish 100-Daily Moving Average at $1,795. The last line of defense for Gold buyers is seen at the falling trendline (wedge) support, now at $1,789.”