Gold Price Forecast: XAU/USD sellers still have the upper hand
|Gold price attempts another run toward the $1,900 mark. Nevertheless, XAU/USD bulls seem to lack conviction on the road to recovery, as FXSTreet’s Dhwani Mehta notes.
Bearish bias is still intact
“For a sustained move higher, Gold price needs to take out strong resistance around $1,885. The $1,900 threshold will be next on Gold buyers’ radars.”
“It’s worth reminding that Gold price remains vulnerable so long as the 21-Daily Moving Average (DMA) resistance at $1,912 holds.”
“The four-week low of $1,860 is the immediate support, below which the bullish 50DMA at $1,853 could rescue bulls. Acceptance below the latter will trigger a fresh downswing toward the January 5 low of $1,825.”
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.