Gold Price Forecast: XAU/USD could dive below $1,800 on more technical sell-offs – ANZ

Gold’s bullish momentum has been fading. A further sell-off could confirm prices falling below $1,800 in the short-term, strategists at ANZ bank report.

Fading bullishness

“Gold hit a high of $1,960 in the first week of February, but strong US labour data led to a sharp correction of 4%. While this correction looks normal after a 20% price rally, the bullishness seems to be waning.”

“Further fall in Gold prices could trigger more technical sell-offs in the short-term.”

“The key supports are $1,800 and $1,730.”

“On the upside, immediate resistance lies at $1,900. Should the price break above $1,930, it would confirm a continuation of the uptrend.”