Gold Price Forecast: XAU/USD enters the overbought zone but buyers may capitalize on any pullbacks
Gold price struggle with $1,900 extends. The yellow metal needs a close above the latter to add credence to the bullish potential, FXStreet’s Dhwani Mehta reports.
XAU/USD yearns for acceptance above $1,900
“Gold now looks to find a strong foothold above the $1,900 threshold. Daily closing above that mark is critical to unleashing the further upside toward May 2022 high at $1,910. A fresh upswing toward the $1,950 psychological level cannot be ruled out should Gold buyers regain complete control.”
“The 14-day Relative Strength Index (RSI) is peeping into the overbought territory, suggesting that there is enough room to the upside before a sustained correction kicks in.”
“Failure to yield a weekly close above the $1,900 level could put Thursday’s low at $1,872 under threat. Fresh weakness in XAU/USD could prompt sellers to target the $1,850 psychological level going forward.”
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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.
