Gold Price Forecast: XAU/USD to see fresh gains on a break above $1,830-$1832

Gold’s recent bounce from the $1,780 area, or the lowest level since December 16, stalled just ahead of the 61.8% Fibonacci level of the fall. As FXStreet’s Haresh Menghani notes, a break above this level, around $1,825, would clear the path to enjoy further gains.

$1,810 confluence holds the key

“The 61.8% Fibonacci level around the $1,825 region is followed by the $1,830-$1832 supply zone, which if cleared decisively would be seen as a fresh trigger for bullish traders. XAU/USD might then accelerate the momentum back towards testing the January swing high, around the $1,853 area.”

“Any meaningful slide is likely to find decent support near the $1,810-$1,809 confluence. A convincing break below would make gold vulnerable to slide further below the $1,800 mark, towards testing the 23.6% Fibo. level, around the $1,796-$1,795 region, and the $1,790 support.”