Gold Price Forecast: XAU/USD to stage a comeback above $1,750

Gold price turns positive on Tuesday, the first time in five trading days. As FXStreet’s Dhwani Mehta notes, XAU/USD looks to recapture $1,750 amid a potential bull flag.

XAU/USD awaits a bull flag breakout

“Gold price eyes a daily close above the falling trendline resistance, now at $1,750, to trigger a bull flag confirmation. Acceptance above the $1,750 level will seek a test of the $1,760 round number, with eyes on the multi-month highs at $1,787.”

“On the flip side, strong support is seen at the falling trendline support at $1,725. A daily closing below the latter will invalidate the bullish thesis, opening floors toward the mildly bearish 100-Daily Moving Average (DMA) at $1,712.”