Gold Price Forecast: XAU/USD could pull back to $1,900 on a break below $1,930 – ANZ
|Gold’s technical chart suggests a break below the $1,930 level could trigger selling, analysts at ANZ Bank report.
Gold to trade in the range of $1,930-$2,000
The price could find support near a 200-DMA of $1,934. If Gold trades in the range of $1,930-$2,000, the bullish trend will remain intact. However, a decisive break below $1,930 could build up selling pressure and the price could pull back to $1,900 in the near term.
On the upside, any price rebound may face resistance at $2,000. Although a break of this level looks unlikely now, it could trigger short covering which could lift the price towards the next resistance of $2,062, the high recorded in May 2023.
On balance, we expect Gold to trade in the range of $1,930-$2,000.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.