The failure to hold above $1,800 could renew downward pressure in XAU/USD. If gold price slips below $1,770, support may not be found until $1,700, analysts at ANZ Bank report.

Gold could come under increasing pressure

“The candlestick formation on Wednesday showed a bearish signal, as the price opened and closed near the day’s low. Prices are near the 50-day moving average. Settling below that would suggest that the price could again fall to the $1,750 range.”

“Should prices fall in the downward channel, the market could come under increasing pressure. A print back in the range of downtrend could see the price heading below $1,700.”