Gold Price Forecast: XAU/USD eyes a break above $1,800 amid constructive outlook
Gold has struggled to find acceptance above the $1,800 mark. But in the view of FXStreet’s Haresh Mengani, XAU/USD bulls have the upper hand.
Sustained move beyond $1,800 awaited
“Given the recent strong rebound from a 16-month low touched in July, the set-up still seems tilted in favour of bullish traders.”
“A subsequent move beyond the $1,800 mark, towards testing the post-US CPI swing high near the $1,808 region, remains a distinct possibility. Some follow-through buying would set the stage for a rise towards the next relevant hurdle near the $1,824-$1,825 region.”
“Any meaningful slide now seems to find decent support near the $1,774 area. Sustained weakness below would expose the $1,754-$1,752 strong resistance breakpoint, now turned support, which should now act as a key pivotal point. A convincing breakthrough would shift the bias in favour of bearish traders and drag gold towards the $1,728 intermediate support en route to the $1,715 zone.”
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.
