Gold Price Forecast: XAU/USD poised to test 50DMA at $1,849
Gold broke back below $1,900. XAU/USD is making a tepid recovery attempt toward the $1,900 level at the start of the week on Monday but is not out of the woods yet, FXStreet’s Dhwani Meha reports.
Bearish bias remains in place
“On the revival of selling interest, Gold could resume decline toward the four-week low of $1,860. The next downside target is seen at the $1,850 psychological mark. The bullish 50-DMA hangs around that level.”
“On the other side, Gold's price will hurdle the $1,900 threshold. Acceptance above the latter is critical to recapturing the 21-DMA at $1,913. So long as XAU/USD is below the 21-DMA barrier, bears will likely maintain their control.”
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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.
