Gold Price Forecast: XAU/USD to resume the downward momentum on a break below $1,914
|Gold price is defending the critical upward-sloping 200-Simple Moving Average (DMA) at $1,914 on the four-hour chart. XAU/USD would resume the downward momentum on a break under the latter, FXStreet’s Dhwani Mehta reports.
The path of least resistance appears south
“If gold price yields a downside break of the 200-DMA at $1,914, then a test of the $1,900 barrier will be inevitable. The March 16 lows of $1,895 could then come to the rescue of gold bulls. Further down, the February 24 low of $1,878 will come into play once again.”
“Gold buyers need to find acceptance above the bearish 21-SMA at $1,928 to unleash the additional recovery towards the 50-SMA hurdle at $1,938. The recent range highs around $1,941 will be put to test, as bulls set their eyes on the horizontal 100-SMA at $1,955.”
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