Gold Price Forecast: XAU/USD reignites downside towards 2021 lows at $1,677

Gold price is extending the previous bearish reversal to trade back under the $1,700 mark. XAU/USD eyes 2021 lows of $1,677, FXStreet’s Dhwani Mehta reports.

Gold price remains vulnerable

“Should the downside momentum extend, a test of the 2022 low of $1,681 will be inevitable. Further down, the 2021 low of $1,677 will be next on bears’ radars.”

“If bulls attempt a recovery, then it will challenge the $1,700 threshold first before recapturing the $1,710 round figure. The next upside target is seen at $1,716, the 23.6% Fibo level support-turned-resistance.”