#XAUUSD @ 1,862.59 Gold Price Forecast: could plunge to $1,825 on a sustaneid break below $1,850
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Gold price is trading with moderate losses. XAU/USD could target $1,825 if the 50-Daily Moving Average support fails, FXStreet’s Dhwani Mehta reports.
“Gold sellers again took charge on Monday, attacking the 50DMA, now at $1,857. Daily closing below the latter is needed to extend the downside break from the bearish continuation pattern toward the $1,850 psychological level.”
“A fresh sell-off toward the January 5 low of $1,825 could be in the offing on a sustained break below the $1,850 demand area.”
“Should Gold bulls manage to take out the intraday high at $1,866, then a test of the bear flag support-turned-resistance at $1,877 could be in the offing. Acceptance above the latter is critical to initiating a meaningful recovery toward the $1,885 static resistance.”
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