Gold price is coiling up in a parallel channel, gathering strength to yield a sustained downside move below $1,800, FXStreet’s Dhwani Mehta reports.

XAU/USD challenges bullish commitments at critical 100 DMA support

“Daily closing below $1,808, where the bullish 100 DMA and the February 28 low coincide, will confirm the parallel channel breakdown, calling for a test of the $1,800 psychological level. A firm break below that support will trigger a fresh downswing toward the flattish 200-Daily Moving Average (DMA) at $1,775.”

“On the upside, the Gold price finds the initial hurdle at the previous day’s high of $1,824, above which the $1,830 round figure could be put to test. The next stop for Gold buyers is seen at the bearish 21 DMA, now at $1,836.”

See – Gold Price Forecast: XAU/USD to see a test of its 200-DMA at $1,775 – Credit Suisse