XAU/USD Tests Support

Gold consolidates as FOMC minutes hint at a slower pace of rate hikes. The price has met stiff pressure at the support-turned-resistance (1805), which lies at the origin of the July sell-off. A fall below 1785 prompted some buyers to close their positions. 1755 next to the daily MA cross is an important congestion area where bulls and bears would fight for control. A bearish breakout could trigger a liquidation towards 1720. 1788 is the immediate resistance and a rally back above 1805 would send the precious metal to 1840.

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