Gold Price Analysis: Acceptance above $1810 to clear the way towards $1832/34 supply zone
|Gold is holding some of its gains around $1,800. The 200-day moving average (DMA) around $1,810 holds the key for XAU/USD bulls, FXStreet’s Haresh Menghani briefs.
See – Gold Price Forecast: XAU/USD to see damaging weakness on a break below $1775 – Credit Suisse
The $1,800-$1,795 zone seems to protect the immediate downside
“Market participants now look forward to the US economic docket, featuring the releases of the Empire State Manufacturing Index, Industrial Production figures and Capacity Utilization Rate. This, along with the US bond yields, might influence the USD and provide some impetus to the XAU/USD.”
“Strength/acceptance above the $1,800 mark favours bullish traders. Some follow-through buying beyond the $1,808-10 region (200-DMA) will reaffirm the constructive outlook and set the stage for additional gains. XAU/USD might then accelerate the momentum back towards the $1,832-34 supply zone. The latter marks the multiple-tops barrier, which if cleared decisively should push the metal towards $1,853.”
“The $1,800-$1,795 region now seems to protect the immediate downside ahead of the $1,780 strong support. A convincing break below will be seen as a fresh trigger for bearish traders and set the stage for a sharp fall towards the $1,750 level.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.