Gold Price Forecast: XAU/USD to avoid further losses amid encouraging technicals

FXStreet Insights Team FXStreet

Gold price consolidates US inflation-led losses, as the dust settles. However, the downside appears limited, according to FXStreet’s Dhwani Mehta.

Golden cross, bullish RSI could keep the downside capped

“Gold has room to extend the correction to the horizontal 21-Daily Moving Average (DMA) at $1,819 if Thursday’s low of $1,822 gives way. Further down, the February 8 low of $1,815 will be on sellers’ radars. The downside, however, appears limited as the golden cross remains in play while the 14-day Relative Strength Index (RSI) still holds above the central line.”

“The 50-DMA pierced through the 200-DMA from below on Thursday, confirming a golden cross on the said time frame.”

“On the upside, immediate resistance is seen at the round level of $1,830, above which Wednesday’s high of $1,836 will be probed. Acceptance above the latter will call for a retest of the two-week highs above $1,840.”

See – Gold Price Forecast: XAU/USD to break under $1,745 and start a sustained downtrend in July – TDS

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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.

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