Gold Price Analysis: XAU/USD to see further gains on a break above $1832

FXStreet Insights Team FXStreet

Gold is attempting a bounce around $1820, having booked a 1% loss on Wednesday. As FXStreet’s Dhwani Mehta notes, XAU/USD wavers between two key averages – awaiting US data.

See – Gold Price Analysis: XAU/USD set to surpass the 2020-2021 trendline at $1865 – Commerzbank

Gold remains at the mercy of USD dynamics, awaits fresh US data

“The risk-off mood is capping the gains, as the US dollar continues to remain the most preferred safe-haven asset. The price of gold, although draws support from a retreat in the US yields, in the wake of reduced demand for riskier assets.”

“The US dollar dynamics will continue to influence the gold price action, as markets look forward to the US Producers Price Index (PPI) and weekly Jobless Claims.”

“Gold prices need to recapture the 21-SMA at $1832, in order to extend the recovery momentum towards the static resistance around $1845-$1850.”

“A sustained break below the 50-SMA support at $1811 could expose the $1800 threshold.”

Author

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.

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