Gold Price Forecast: XAU/USD to stay in a range below $1,853 after closing the week above key $1,825 support
Gold price is trading around a flatline at the start of the week. XAU/USD is set to range between two key barriers amid light trading, FXStreet’s Dhwani Mehta reports.
Thursday’s high of $1,845 could challenge bearish commitments
“Gold price settled the previous week above the critical horizontal trendline support from the January 5 low at $1,825.
Therefore, Gold bulls could gather some courage to retest the previous support now turned resistance at the flattish 50-Daily Moving Average (DMA), currently pegged at $1,853. Ahead of that, Thursday’s high of $1,845 could challenge the bearish commitments.”
“On the downside, daily closing below the key support at $1,825 is needed to retest the previous day’s low at $1,819. Additional selling will call for a fresh downswing toward the $1,800 barrier.”
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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.
