Gold Price is licking its wounds on the final trading day of the week. As FXStreet’s Dhwani Mehta notes, XAU/USD’s dead cat bounce could seek validation at $1,836.
It remains to be seen if XAU/USD can sustain the rebound
“The sharp sell-off in Gold Price could well justify a minor corrective pullback towards the 200-Daily Moving Average (DMA) at $1,836 key support, now turned resistance. Acceptance above the latter will call for a retest of the $1,850 psychological barrier, beyond which the recent range highs near $1,860 will be put to test.”
“If the bearish momentum kicks in again, then sellers will target the multi-month lows of $1,810 once again. The next relevant downside cap is seen at the $1,800 round figure, below which the February 3 low of $1,789 will come into play.”
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