Gold price booked a fifth straight weekly gain. XAU/USD could extend the uptrend to $1,950, as FXStreet’s Dhwani Mehta notes.
Daily technical setup favors Gold bulls
“Gold price rebound from the horizontal trendline support around $1,897 levels has revived the uptrend, with buyers positioned for a test of the $1,950 psychological level. The next stop is envisioned at the April 20 and April 22 highs around $1,958. A sustained break above the latter will trigger a fresh rally toward the critical $2,000 threshold.”
“Gold sellers will once again challenge support just beneath $1,900 should investors resort to profit-taking on their Gold longs, in the face of the recent upsurge. Daily closing below the said downside cap will open floors for a further correction toward the $1,865 region, where January 11 high and the ascending 21-Daily Moving Average (DMA) merge.”
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