Gold Price News and Forecast: XAU/USD bears lurking at critical support structure

Gold Price Analysis: XAU/USD bulls jostle with bears beyond $2,000

Gold prices seesaw near $2,027/28 during the pre-Tokyo open Asian session on Tuesday. The yellow metal recently recovered from $2,019 but stays pressured after declining for the last two consecutive trading days. Despite many indicators portraying the rush to risk-safety, the US dollar’s gains could be spotted as the key driver of the bullion’s latest weakness.

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Gold Price Analysis: Bears lurking at critical support structure

The price of gold has been bleeding out from the highs of last week, unable to come up for air on Monday without being faded. At the time of writing, XAU/USD is trading at $2,026 having travelled between a high of $2,049.91 and $2019.30.

The DXY has been staging a recovery since formulating a double bottom on the 40HR time frame, extending the correction to a high of 93.70 on Monday, some 50 pips higher than the lows. 

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