Gold is struggling to find a clear short-term directional trend this week, despite the strong move higher in the US dollar index. The Relative Strength indicator on the daily time is still below 50, which suggests that selling pressure towards gold is still in place. Failure to overcome the $ 1,760 resistance level over the next few days and the recently short-term bearish trend in gold may resume.
XAUUSD is only bullish while trading above the $ 1,750 level, key resistance is found at the $ 1,760 and the $ 1,800 levels.
If XAUUSD trades below the $ 1,750 level, sellers may test the $ 1,700 and $ 1,670 support levels.