Gold Price Forecast: XAUUSD could face resistance at $1,780 before targeting $1,800

Gold has reached its highest level since August above $1,760. Next resistance is seen at $1,780, then the $1,800 figure, FXStreet’s Eren Sengezer reports.

$1,720 aligns as significant support

“$1,760 aligns as interim resistance and in case this level is confirmed as support, XAUUSD could target $1,780 (Fibonacci 38.2% retracement) and $1,800 (200-day SMA, psychological level).”

“On the downside, $1,720 (100-day SMA, Fibonacci 23.6% retracement) aligns as significant support. Only a daily close below that level could be seen as a significant bearish development and open the door for further losses toward $1,700 (psychological level) and $1,675 (50-day SMA).”