Gold Price Forecast: XAUUSD sees no relief, downfall to extend below 21-DMA at $1,944

FXStreet Insights Team FXStreet

Gold Price is looking to extend the previous sell-off on Wednesday. XAUUSD eyes $1,931 as US real yields turn positive for the first time since 2020, FXStreet’s Dhwani Mehta reports.

Daily technical picture is turning in favor of bears

“Risk sentiment remains in a weak spot and should it worsen going forward, the US dollar is likely to see the renewed safe-haven demand, which could prompt the yellow metal to resume the downside.”

“A sustained break below the critical 21-Daily Moving Average (DMA) at $1,944 is needed to extend the correction towards the ascending 50-DMA at $1,931. Failure to resist above the latter could open floors towards the April lows of $1,915.”

“The $1,950 psychological barrier could challenge the road to recovery in XAUUSD. Friday’s low of $1,961 could offer stiff resistance if the recovery sustains. Acceptance above that barrier could revive hopes for another upswing towards the key $2,000 level.”

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FXStreet Insights Team

FXStreet

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