Gold Price Forecast: XAUUSD to confirm bullish reversal on daily close 21-DMA at $1,857

FXStreet Insights Team FXStreet

Gold Price remains firmer so far this week. As FXStreet’s Dhwani Mehta notes, XAUUSD eyes a sustained move above the 21-Daily Moving Average (DMA) at $1,857.

Immediate support is seen at the $1,850 psychological level

“Attention turns towards the global Manufacturing and Services PMIs preliminary readings, which will provide fresh hints on a potential recession threat. The data releases could have a significant impact on the market sentiment and thus, the dollar and gold valuations.”

“Gold bulls are challenging the 21-DDMA hurdle at $1,857. Daily closing above the latter is needed to confirm a bullish reversal, exposing the additional upside towards the mildly bullish 100-DMA at $1,885. Ahead of that the $1,870 round figure could challenge the bearish commitments.”

“The immediate support is seen at the $1,850 psychological level. Sellers will then look out for the horizontal flattish 200-DMA at $1,839. Acceptance below the latter will trigger a fresh downswing towards the $1,800 mark.”

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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.

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