Gold is still to rally back above the $1,800 resistance level placing the yellow-metal in a vulnerable technical position this week. Sustained weakness below the $1,760 area could provoke a further decline towards the $1,730 support area this week. If the $1,730 level is broken it is possible that the price of gold could even fall as low as $1,710 before a wider recovery commences.
XAUUSD is only bullish while trading above the $1,800 level, key resistance is found at the $1,820 and the $1,845 levels.
If XAUUSD trades below the $1,800 level, sellers may test the $1,760 and $1,730 support levels.
