XAUUSD Make Or Break

Gold is continuing to edge higher on Wednesday due to renewed demand for precious metals and broad-based weakness in the greenback. The next major up move will take place if gold bulls can break past the technically important $1,755 resistance level. Failure to do so and the price of gold will likely face heavy technical selling and cause a down move back to $1,710.

XAUUSD is only bullish while trading above the $1,730 level, key resistance is found at the $1,755 and the $1,800 levels.

If XAUUSD trades below the $1,730 level, sellers may test the $1,710 and $1,677 support levels.

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