Gold Price Forecast: XAUUSD to struggle to crack 21-DMA at $1,859

FXStreet Insights Team FXStreet

Gold Price hit one-week highs at $1,858. Can XAUUSD extend beyond the 21-Daily Moving Average (DMA) hurdle at $1,859 amid firmer yields? FXStreet’s Dhwani Mehta reports.

Immediate support is seen at $1,838

“Markets continue to assess the impact of higher interest rates on global growth. Gold’s upside appears capped, as the Treasury yields stage a decent comeback.”

“Gold bulls look to scale the 21-DMA hurdle at $1,859 on a sustained basis. Daily closing above the latter is needed to confirm a bullish reversal, exposing the additional upside towards the horizontal 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 flattish 200-DMA at $1,838. If sellers manage to find a strong foothold below the latter, then a steep drop towards the $1,800 area cannot be ruled out. The additional declines could test strong support at $1,787.”

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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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