Gold Price News and Forecast: XAU/USD fades recovery moves around $1,750 as risk dwindles

Gold Price Analysis: XAU/USD eases from intraday top but bulls stay hopeful above 200-SMA

Gold trims intraday gains after reversing from $1,749.44, around $1,746 by the press time, amid Wednesday’s Asian session. Although 50% Fibonacci retracement of late February to early March downside clutches the yellow metal, a successful reversal from 200-SMA and MACD divergence in favor of buyers signals the bullion’s further upside.

However, a clear break above $1,755-57 area comprising multiple levels marked since February 26 becomes necessary for the precious metal buyers to keep the reins.

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Gold Price Analysis: XAU/USD fades recovery moves around $1,750 as risk dwindles

Gold seesaws around $1,745 amid the initial Asian session on Wednesday. The yellow metal registered the heaviest gains in three days the previous day by refreshing the weekly top with $1,748.97, mainly due to the US dollar weakness. However, challenges to market sentiment seem to have recently probed the bullion buyers.

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“Source from fxstreet”

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