Gold Price Forecast: XAU/USD eyes $1,794 support within a potential falling wedge

Gold price is sitting at the lowest level in two months. XAU/USD is primed to test $1,794 amid a Bear Cross, FXStreet’s Dhwani Mehta reports.

Daily closing above resistance at $1,821 needed to attempt a meaningful recovery

“Gold price is maintaining its downtrend while within a falling wedge formation since peaking at $1,960 on February 2.”

“XAU/USD is likely to test the falling trendline support at $1,794 after it breached several crucial demand area last week. At that level, the bullish 100-Daily Moving Average (DMA) coincides. Ahead of that level, the $1,800 level will likely offer stiff resistance to Gold sellers.” 

“On the flip side, Gold price needs to yield a daily closing above the falling trendline resistance at $1,821 to attempt a meaningful recovery. In doing so, the bright metal will see an upside break from the falling wedge.”