Gold posted losses for the second straight week. Bearish bias stays intact as XAU/USD fails to reclaim 200-day moving average (DMA), FXStreet’s Eren Sengezer reports.

Significant resistance for XAU/USD seems to have formed at $1,850

“The Fibonacci 23.6% retracement level of the latest downtrend and the 200-day SMA form strong resistance at $1,850. Unless XAU/USD makes a daily close above that level, sellers should be able to retain control. Above $1,850, $1,860 (50-day SMA) and $1,870 (Fibonacci 38.2% retracement) aligns as the next hurdles.”

“$1,810 (the end-point of the downtrend) could be seen as the next bearish target. If that support fails, further losses toward $1,800 (psychological level) and $1,787 (May 16 low) could be witnessed.”