Gold Price Forecast: XAU/USD's recovery to gain traction above $1,931
|Gold price witnessed good two-way businesses on Tuesday, although it booked the second straight daily loss. Heading towards the US ADP Employment report showdown on Wednesday, XAU/USD is looking to extend the rebound, FXStreet’s Dhwani Mehta reports.
Focus shifts to US jobs, Ukraine updates
“The focus will remain on a fresh batch of top-tier US economic releases, including the ADP employment and the final Q4 GDP revision. The developments surrounding the Ukraine-Russia war and the yields’ price action will continue to remain the main drivers, influencing gold price.”
“Acceptance above $1,931 will provide legs to the latest uptick in gold price, as bulls will then look to retest the 21-DMA barrier at $1,952. The previous week’s high of $1,966 remains on the buyers’ radars.”
“Immediate support is seen at the previous week’s low of $1,910, below which the $1,900 round level could get tested. The bullish 50-DMA, now at $1,894 will make it an uphill battle for sellers while the last line of defense for buyers is seen at $1,890.”
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