Gold price is attempting a bounce. As FXStreet’s Dhwani Mehta notes, XAU/USD is poised to challenge September highs at $1,735.

Critical support aligns at $1,700

“The bearish 50-Daily Moving Average (DMA) at $1,724 continues to limit the upbeat momentum. A firm break above the latter could revive bullish interest, calling for a test of the $1,730 round figure. The next stop for bulls will be seen at the September high of $1,735, above which the $1,750 psychological level will come into play.

“Sellers could test the previous critical resistance now support at $1,700 before approaching Tuesday’s low of $1,695. The horizontal 21 DMA at $1,682 will be targeted on the additional declines.”

See – Gold Price Forecast: XAU/USD to avert downtrend on heroic recovery north of $2,000 – TDS