Gold Price Forecast: XAU/USD has the $1,800 level in its crosshairs

Gold price sets off December on a positive note, at the highest levels in two weeks, as heads toward $1,800, FXStreet’s Dhwani Mehta notes.

Break below $1,766 could trigger a fresh downswing

“Bulls need to cross the $1,780 round figure on a sustained basis if they look to retest the three-month highs at $1,787. The next relevant upside target aligns at the $1,800 threshold.”

“Alternatively, the previous day’s low at $1,766 could limit any retracements from higher levels. A break below the latter could trigger a fresh downswing toward the triangle resistance-turned-support, now at $1,757. The bullish 21-Simple Moving Averages (SMA) at $1,755 will challenge buyers’ commitments before testing the $1,750 psychological level.”