Gold Price Forecast: XAU/USD to face tough resistance at $1800 – OCBC

Gold closed the week about 1% higher. Strategists at OCBC Bank expect the yellow metal to attempt the $1800 level this week if the bullish momentum within the precious metal complex continues.

FOMC minutes key for XAU/USD direction

“Our model sees a fair value range for gold from $1735 to $1845, so at the current level, gold is somewhere near the middle of this range.”

“The FOMC minutes is likely to determine gold’s next near-term direction, where a hawkish report may send gold tumbling once more.”

“From now till the report, we expect the upward momentum in gold to carry it towards the $1800 resistance.”