Gold price is back in the red zone early Thursday. Dayli close above the key $1,919 level is needed to see a fresh leg higher, FXStreet’s Dhwani Mehta reports.
Immediate downside could be tested at the $1,900 threshold
“Daily closing above the $1,919 barrier will initiate a fresh uptrend toward the year-to-date highs of $1,960. The previous day’s high of $1,937 could challenge the bearish commitments, at first.”
“The immediate downside could be tested at the $1,900 threshold, below which Tuesday’s low at $1,895 could come into the picture. Further south, the previous day’s low at $1,886 will lend some support to Gold buyers. The last line of defense for them is seen at the mildly bullish 50-Daily Moving Average (DMA) at $1,877.”
“Gold price remains a ‘buy the dips’ trade amid looming banking sector risks across the globe.”
See – Gold Price Forecast: XAU/USD to soar toward $1,973/98 on a weekly close above $1,890/1900 – Credit Suisse
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