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.”
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FXStreet Insights Team
FXStreet
The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.
