Gold Price Forecast: XAU/USD hangs near multi-week lows, just above $1775 level

Update: Gold struggled to capitalize on its intraday positive move, instead met with some fresh supply in the vicinity of the $1,800 round-figure mark.

Apart from this, a fresh leg down in the equity markets might further hold traders from placing any aggressive bearish bets around the safe-haven gold.

Sustained weakness below the overnight swing lows, around the $1,768-67 region, will reaffirm the bearish bias and prompt some aggressive technical selling.

Previous update: Gold price is rebounding over 1% on the last day of this eventful week, although remains on track to book a 5% loss on the weekly basis.

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The Fed surprised markets with an abrupt hawkish shift that has triggered substantial volatility in currency markets.

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