Title: Gold Price Forecast: XAU/USD needs to defend $1,747 to keep upside potential intact

November 28, 2022 2:59 AM ET

By:AnalysisWatch

The gold price starts the week in the red but holds in a familiar trading range. The defense of the 23.6% Fibo is crucial for the further uptrend of XAU/USD .

The next resistance on the upside is at Friday's high of $1,761.

"The 14-day relative strength index (RSI) remains in bullish territory, while bullish crosses of the 21-day and 100-day moving averages (DMA) keep upside potential intact."

"The next resistance on the upside is at Friday's high of $1,761, followed by the round number of $1,770."

"On the flip side, a break of $1,747, the 23.6% Fibonacci retracement (Fibo) of the recent rally from the Nov. 3 low at $1,617, would open the floor for a test of $1,720." At this level, the ascending 21DMA and the 38.2% Fibo level converge. "Further down, the horizontal 50DMA at $1,712 will come to the aid of gold buyers."