Gold Price Forecast: XAU/USD to tumble if 21DMA support at $1,914 fails on daily closing basis
|Gold price consolidates the pullback from ten-month highs of $1,960. Will XAU/USD defend the 21-Daily Moving Average support? FXStreet’s Dhwani Mehta analyzes the pair’s technical outlook.
Gold needs to recapture $1,920 to extend the rebound
“Failure to defend he critical short-term ascending 21DMA at $1,914 will trigger a fresh drop toward the $1,900 mark. A sustained move below the latter will open the floor toward the bullish 50DMA at $1,847.”
“Gold price needs to recapture the $1,920 round figure to extend the rebound toward the $1,934-$1,935 supply zone. Should the recovery gather steam, the multi-month highs of $1,960 will be back on Gold bulls’ radars.”
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