Gold Price Forecast: XAU/USD sellers still have the upper hand
Gold price attempts another run toward the $1,900 mark. Nevertheless, XAU/USD bulls seem to lack conviction on the road to recovery, as FXSTreet’s Dhwani Mehta notes.
Bearish bias is still intact
“For a sustained move higher, Gold price needs to take out strong resistance around $1,885. The $1,900 threshold will be next on Gold buyers’ radars.”
“It’s worth reminding that Gold price remains vulnerable so long as the 21-Daily Moving Average (DMA) resistance at $1,912 holds.”
“The four-week low of $1,860 is the immediate support, below which the bullish 50DMA at $1,853 could rescue bulls. Acceptance below the latter will trigger a fresh downswing toward the January 5 low of $1,825.”
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.
