Gold Price Forecast: XAU/USD to negate near-term bearish bias above $1,792

Gold price is trying hard to build on Wednesday’s rebound. As FXStreet’s Dhwani Mehta notes, XAU/USD could resume the rebound on golden cross confirmation.

Markets likely to remain on the edge amid Omicron woes

“Should the risk recovery gain traction in the sessions ahead, then the dollar could extend the uptick in tandem with the yields, prompting gold price to resume the downside. However, fears over the new covid variant could cushion any move lower in gold, especially after a single Omicron detected in the US has unnerved markets.”

“The confluence of the 50, 100 and 200-DMAs at $1,792 remains a tough nut to crack for gold bulls. The next upside target is seen at the $1,800 threshold. If the recovery momentum gathers steam, then gold bulls could retest Wednesday’s high of $1,809, above which the previous month’s high at $1,814 will be on their radars.”

“On the downside, a sustained break below Tuesday’s low of $1,770 is needed to revive the downtrend towards the November 3 low of $1,859. Further south, the $1,750 psychological level will be challenged.”

See – Gold Price Forecast: Positive XAU/USD story in play for first half of next year – TDS