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Gold Price Forecast: XAU/USD

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Gold Price Forecast: XAU/USD remains stuck in range above $1750 amid light trading

Gold price has reversed Friday’s gains, now posting small losses in the European session, as the worsening market mood keeps the buoyant tone intact around the safe-haven US dollar. Surging oil prices have unnerved the investors amid persisting energy crunch, triggering concerns over the global economic recovery, I think so. The recent upsurge in the US Treasury yields amid Fed’s tapering expectations also continues to exert downward pressure on the non-yielding gold.

Technically, gold’s path of least resistance appears to the downside so long as it fails to find acceptance above the 21-day SMA at $1761 on a daily closing basis. Looking ahead, gold price will take cues from the broader market sentiment, with the US bond trading closed in observance of Columbus Day.
What do you think about it?
 
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