#XAUUSD @ 1,838.75 Gold Price Forecast: resumes downtrend toward seven-week low of $1,819
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Gold price recovery fizzles. Downside remains favored, FXStreet’s Dhwani Mehta reports.
“The critical horizontal trendline support from the January 5 low at $1,825 remains a tough nut to crack for Gold bears. Ahead of that, the $1,830 round figure should be taken out on a sustained basis. Friday’s low of $1,819 will be next on Gold sellers’ radars should the downside gather traction once again.”
“On the other side, any recovery attempts will need to find acceptance above the $1,850 psychological level, above which a fresh run-up toward the flattish 50-Daily Moving Average (DMA) at $1,864 cannot be ruled out. Further, Valentine’s Day at $1,870 will be the next stop for Gold bulls.”
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