Forecast for Gold Price: XAU/USD hopes to extend its advances above the 23.6% Fibo barrier level

"Gold bulls are attempting their luck once more by recapturing the $1,716 barrier, which is the 23.6% Fibonacci Retracement level of the most recent slide from the peak of $1,808 on August 10." Failure to hold above the latter may strengthen selling pressures, prompting a return to Monday's low of $1,708. The next support level is expected at $1,700, below which the six-week low of $1,689 might be retested."

"If the rebound momentum continues, bulls will attempt the 38.2% Fib level at $1,734 on a sustained move above the daily high of $1,727 and $1,730."