Gold Price Forecast: XAU/USD confirms bearish wedge, bearish breakdown to extend?

Where is the Gold price headed next after a rising wedge breakdown? FXStreet’s Dhwani Mehta analyzes XAU/USD’s technical outlook.

Immediate resistance seen at the 200DMA of $1,790

“Gold price yielded a rising wedge breakdown after closing Monday below the rising trendline support at $1,782. The downside break opens floors to test the mildly bullish 21-Daily Moving Average (DMA) at $1,768. Further south, the $1,750 psychological level could be on Gold sellers’ radars.”

“On the upside, the immediate resistance is seen at the 200DMA at $1,790, above which the $1,800 mark will be a tough nut to crack for Gold bulls.”