Gold Price Forecast: XAU/USD eyes a sustained move above $1,940 amid favorable technicals
|Gold ended up closing modestly lower on Friday. XAU/USD bulls need to cross $1,940 for a sustained upside, FXStreet’s Dhwani Mehta reports.
Strong support seen at $1,917
“Gold price is facing an immediate hurdle at the rising trendline resistance at $1,940 on its renewed upside. Should buyers find a strong foothold above the latter, a fresh upswing toward the $1,950 psychological level will be in the offing.”
“To the downside, strong support is seen at the lower boundary of the wedge, now at $1,917, although Friday’s low at $1,921 could come to Gold buyers’ rescue before. Further south, the January 18 low at $1,897 could challenge bullish commitments.”
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.