Gold Price Analysis: XAU/USD to remain bearish while below $1,745

The XAU/USD pair remains on the back foot on Tuesday pressured by the broad-based USD strength. According to FXStreet’s Eren Sengezer, gold could remain under pressure if it breaks below $1,720.

See – Gold Price Analysis: XAU/USD to see selling pressure once more beyond the quarter-end – OCBC

Key quotes

“US Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell will be testifying before the US's House Financial Services Committee and respond to questions on the government's response to the coronavirus crisis.”

“The initial support is located at $1,720  (Fibonacci 23.6% retracement of the Feb. 2-Mar. 8 drop) and a daily close below that level could trigger another selloff toward $1,700 (psychological level, March 12 low).”

“The key resistance at $1,745 (Fibonacci 38.2% retracement) remains intact and a convincing break above this level could trigger a bullish shift in the technical outlook. $1,755 (March 18 high) and $1,7667 (Fibonacci 50% retracement) align as next hurdles.”