Gold Price Forecast: XAU/USD eyes 200-DMA amid acceptance above 21-DMA

Gold price books third straight weekly gain, 200-DMA remains in sight.
Daily closing above 21-DMA reignites bullish interest, as RSI recovers to 50.00.
Gold Price Weekly Forecast: XAU/USD bulls bet on Golden Cross pattern, uptrend support, lower yields.

Dhwani Mehta FXStreet

Thursday’s Doji candlestick doesn’t seem to have discouraged the bulls, as gold price staged an impressive bounce on Friday, although remained within the recent trading range.

Gold price rallied as high as $1812 before reversing into the weekly closing, settling the week at $1808.

Gold bulls managed to defend the critical short-term 21-Daily Moving Average (DMA) at $1796 and a daily closing yielded above the same, opens doors for the further upside next week.

The 14-day Relative Strength Index (RSI) has also steadily advanced to the central line, suggesting that the tide may have turned in favor of the bulls.

Therefore, gold buyers keep their sight on the horizontal 200-DMA, aligned at $1828.

Ahead of that, the past week’s high at $1818 could probe the bullish commitments.

Gold Price Chart: Daily

On the flip side, 21-DMA could limit any retracements from higher levels, below which the horizontal 100-DMA support at $1790 is likely to be tested.

A sustained break below the latter could revive the downtrend towards the two-month troughs of $1751.

Gold: Additional levels to watch

XAU/USD

Overview
Today last price	1808.43
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	1808.43

Trends
Daily SMA20	1792.31
Daily SMA50	1835.72
Daily SMA100	1790.5
Daily SMA200	1827.87

Levels
Previous Daily High	1812.45
Previous Daily Low	1796.71
Previous Weekly High	1818.41
Previous Weekly Low	1784.58
Previous Monthly High	1916.62
Previous Monthly Low	1750.77
Daily Fibonacci 38.2%	1806.44
Daily Fibonacci 61.8%	1802.72
Daily Pivot Point S1	1799.28
Daily Pivot Point S2	1790.12
Daily Pivot Point S3	1783.54
Daily Pivot Point R1	1815.02
Daily Pivot Point R2	1821.6
Daily Pivot Point R3	1830.76

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

GBP/USD rebounds toward 1.3250, markets assess UK PM Starmer resignation

GBP/USD regains its traction and rises toward 1.3250 in the European session on Monday following a drop below 1.3200 with the immediate reaction to UK PM Keir Starmer's resignation announcement.

EUR/USD holds near 1.1450 amid concerns over Iran deal progress

EUR/USD struggles to stage a rebound and fluctuates at around 1.1450 on Monday. Concerns about progress for the US-Iran peace deal and expectations of higher US interest rates keep the US Dollar supported against the Euro. ECB President Lagarde is set to speak later on Monday.

Gold rises above $4,200 as tensions ease in Middle East

Gold stays in positive territory above $4,200 on Monday, looking to snap a three-day losing streak. News of US and Iran making progress in the latest round of talks seems to be helping the precious metal hold its ground at the beginning of the week.

Breaking: Iran closes the Strait of Hormuz amid ceasefire deal violation

Iran says it is closing the Strait of Hormuz after accusing the United States (US) and Israel of violating the ceasefire. According to Iran, the decision came over the continued Israeli strikes in Lebanon. The Iranian Revolutionary Guard Corps Navy issued a warning to all vessels: "Do not approach the Strait of Hormuz; otherwise, your security will be jeopardized."

Canada CPI Preview: Inflation expected to tick higher in May, pressuring BoC outlook

The publication of Canada’s May Consumer Price Index figures on Monday will be the focus of attention. Indeed, Statistics Canada data will provide markets with an update on price pressures following its June 10 meeting, where policymakers kept the interest rate steady at 2.25%, matching the broad consensus.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.