Gold Price Forecast: A test of the $1,900 mark remains on the cards
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Nothing has changed technically for the Gold price. XAU/USD needs acceptance above $1,880 to keep bulls hopeful, FXStreet0s Dhwani Mehta reports.
“Bulls keep looking out for acceptance above the multi-month peak at $1,881. The $1,900 threshold will be next in sight of Gold buyers, above which doors will open toward May 2022 high at $1,910.”
“Adding credence to the bullish potential, the upward-sloping 50-Daily Moving Average (DMA) managed to close Tuesday above the mildly bearish 200DMA, confirming a Golden Cross.”
“Failure to yield a daily closing above the $1,880 level could offer much-needed respite to Gold sellers. Friday’s low at $1,865 will be the immediate support thereon. Further down, the $1,850 psychological level will be a tough nut to crack for Gold bears.”
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