Gold Price Analysis: A break above $1,745 to bring in more XAU/USD buyers

Gold (XAU/USD) is posting small daily gains above $1,730 on Tuesday as the yellow metal struggles to gather momentum amid USD resilience. In the view of FXStreet’s Eren Sengezer, XAU/USD is set to extend its technical fluctuation.

See – Gold Price Analysis: XAU/USD to sink towards the $1,500 mark – Deutsche Bank

Key quotes 

“Gold was able to close the first day of the week in the positive territory but struggles to gather bullish momentum on Tuesday as investors remain hesitant to short the USD ahead of the FOMC's policy announcements on Wednesday.”

“On the upside, the initial hurdle is located at $1,745 (Fibonacci 38.2% retracement/20-day SMA). If this level turns into a support, the next target could be seen at $1,767 (Fibonacci 50% retracement).” 

“Supports align at $1,720 (Fibonacci 23.6% retracement) and $1,700 (psychological level).”