Gold Price Forecast: XAUUSD set to end the week in the red, eyeing $1,750

Gold price is trading modestly flat so far this Friday. XAUUSD eyes 50-Simple Moving Average support on the 4H chart amid bearish RSI, FXStreet’s Dhwani Mehta reports.

Bears take a breather, but not for long

“The downside risks remain intact amid a rising wedge pattern in play and a bearish Relative Strength Index (RSI), currently at 49.40.”

“Sellers now need a sustained break below the weekly low at $1,755 to challenge the psychological $1,750 barrier, where the bullish 50-SMA coincides. The next downside target is seen at the $1,740 round number.”

On the upside, buyers need to find acceptance above the 21SMA at $1,771 to revive the uptrend. The rising wedge support-turned-resistance at $1,794 will be next on their radars.”