XAU/USD recovery loses momentum at 200-day SMA, $1,800 support under threat

XAU/USD Price Analysis: Bears in the driving seat at critical resistance

Gold meets critical resistance on the pullback. Bulls seeking a break of prior closing highs. Gold prices have been consolidated since meeting the prior support after the break of the daily dynamic counter-trendline resistance. The following illustrates the two scenarios from the daily perspective in a top-down analysis.

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Gold Weekly Forecast: XAU/USD recovery loses momentum at 200-day SMA, $1,800 support under threat

The XAU/USD pair started the week on a firm footing and climbed to a weekly high of $1,855 on Wednesday supported by the broad-based selling pressure surrounding the greenback. However, with the USD regaining its strength in the second half of the week, XAU/USD came under heavy bearish pressure, lost nearly 1% on Thursday and extended its slide on Friday. Following a rebound in the late American session ahead of the weekend, the pair closed the week with little changed near $1,820.

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