Gold Price Forecast: XAU/USD at risk of falling below the key $1809 support

FXStreet Insights Team FXStreet

Gold is challenging the $1809 key support once again as risk-off trading returns but the yellow metal awaits US jobs data for fresh cues. Technically, gold’s daily chart shows a lack of clear directional bias, as FXStreet’s Dhwani Mehta notes.

XAU/USD set to extend the range play above $1800

“China’s stock market return to the red zone, led by a sell-off in the stock prices of the online gaming companies after Chinese state media referred to their business as ‘spiritual opium’. Meanwhile, most of the major Asian economies are fighting the covid battle hard amid a relentless surge in cases, limiting gold’s decline.”

“The daily chart of gold price shows that its trading range is getting tighter each passing day, with a breakout in either direction likely on the cards.”

“The 200-DMA at $1820 restricts the bullish attempts while the 21-DMA guards the downside. However, gold traders are biding time before the key event risks for this week – the US payrolls data.”

“On the upside, gold price could test the mildly bearish 50-DMA at $1825 if it finds acceptance above the 200-DMA barrier. Further up, the July highs at $1834 could be challenged.”

“A sustained break below the 21-DMA support at $1809 could expose the ascending 100-DMA cap at $1803, below which the sellers will keep their sight on $1800. The next significant downside target is envisioned around $1790, the recent range lows.”

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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.

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