Gold Price Forecast: XAU/USD eyes acceptance above $1,960 to initiate a fresh uptrend
Gold price is sitting at the best levels seen in the last ten months above $1,950. XAU/USD needs to take out $1,960 resistance for further upside, FXStreet’s Dhwani Mehta reports.
Tide seems to have turned in favor of Gold buyers once again
“The 14-day Relative Strength Index (RSI) is probing the overbought territory, suggesting that further upside remains in place for the bright metal.”
“Gold price needs to find acceptance above the immediate resistance near the $1,960 level in order to initiate a sustained uptrend toward the April 2022 high just shy of the $2,000 mark.”
“Any pullbacks from higher levels could see the XAU/USD challenging the previous week’s high at $1,949, below which a fresh correction toward the $1,920 region cannot be ruled.”
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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.
