Gold Price Forecast: XAU/USD to enjoy further gains on a break above $1,940
|Gold stages a decent comeback after finding strong bids under $1,900. Acceptance above 21-Daily Moving Average (DMA) at $1,940 is critical for XAU/USD for additional recovery gains, FXStreet’s Dhwani Mehta reports.
Daily technical setup turns in favor of bulls
“The road to recovery needs acceptance above the upward-sloping 21-DMA at $1,940 on a closing basis. Recapturing the latter will trigger a fresh upswing towards Monday’s high of $1,955, above which bulls will target the February 24 highs of $1,975.”
“If bears take out the daily lows of $1,923, then the correction from 19-month highs could resume, opening floors for a retest of $1,895. The additional declines will call for a test of the ascending 50-DMA at $1,873. Ahead of that, the February 24 lows of $1,878 will challenge the bullish commitments.”
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.