Gold Price Forecast: XAU/USD to remain stuck in a $1,615-$1,666 range

Gold remains confined in a tight range. In view of FXStreet’s Dhwani Mehta, XAU/USD could extend range trade around $1,650.

Any recovery attempt will need acceptance above 21-DMA at $1,666

“Gold price is likely to extend its range play between the 21-Daily Moving Average (DMA) at $1,666 and the strong support near $1,615 ahead of the critical events this week.”

“Any recovery attempt will need acceptance above the 21-DMA on a daily closing basis. The next upside barrier is seen at Monday’s high of $1,671. The October 13 high at $1,683 will challenge bearish commitments should the recovery gather steam.”

“If the latest leg down extends, then Monday’s low at $1,644 will offer immediate support, below which the $1,630 round number will be tested.”