Gold (XAU/USD) Price Forecast: Lacks Conviction Near Record – 10-Day Support Test Possible

Potential Resistance at Record HighThere is the potential to strike strong resistance as the current record high of $4,381 is challenged. Today’s intraday pullback is a good example of that. Given the lack of upside follow through and weak momentum, a pullback to test resistance near the 10-day average at $4,268 currently could occur before another new high attempt. That average is supported by an uptrend line and two top trend channel lines as they each currently identify a similar potential area of suppor ...