Gold price is retreating from three-month highs. In the view of FXStreet’s Dhwani Mehta, the pullback could provide an opportunity to reclaim the $1,800 level. 

Gold price appears a ‘buy the dips’ trade

“The immediate support is now seen at Friday’s low of $1,747, below which a sharp drop toward the September 12 high at $1,735 will be in the offing.”

“If the upside regains traction, Gold bulls could recapture resistance at the August 25 peak of $1,766, making another attempt to test the three-month highs at $1,772. The next relevant target for Gold buyers is seen at the confluence of the bearish 200-Daily Moving Average (DMA) and the August top near the $1,805 mark.”