Gold Price Forecast: XAU/USD poised to set new record highs above $2,075

Gold is trading in a narrow channel near $2,050. A retest of the record highs at $2,075 remains well on the cards, as the metal’s technical setup continues to paint a bullish picture in the near term, FXStreet’s Dhwani Mehta reports.

XAU/USD remains on track to retest record highs at $2,075

“The path of least resistance appears to the upside for gold buyers, as they look to retest 19-month highs at $,2,071. If the latter is taken out on a sustained basis, then the August 2020 high of $2,075 will be challenged. That level marks the lifetime highs for XAU/USD. The next bullish target is envisioned at $2,100, as bulls are likely to be unstoppable beyond the record high.”

“If sellers regain control, then initial support is seen around the 21-Hourly Moving Average (HMA) around $2,037. The additional declines will call for a test of the ascending 50-HMA at $2,010.”