Gold Price Forecast: XAU/USD to slide toward $1,800 on a weekly close below $1,825

Gold price is extending its three-day bearish momentum on Friday. XAU/USD needs a weekly closing below $1,825 to target $1,800, FXStreet’s Dhwani Mehta reports.

Gold sellers look to extend control below $1,825

“Daily closing below the horizontal trendline support from the January 5 low at $1,825 is needed to extend the downtrend toward the $1,800 threshold.” 

“Gold bulls need to find a strong foothold back above the descending trendline support-turned-resistance at $1,836. The previous day’s high at $1,845 will be next on buyers’ radars on their way to the $1,850 psychological level. Further up, the critical 50-Daily Moving Average (DMA) at $1,862 will be a tough nut to crack for Gold optimists.”