Gold Price Forecast: XAU/USD to retest December highs on Santa rally
|Gold price recaptured the $1,800 threshold and finished Wednesday nearly multi-day tops of $1,805. In the view of FXStreet’s Dhwani Mehta, XAU/USD looks to retest December highs amid bullish technical setup.
Is the Santa rally shaping out for XAU/USD?
“Wednesday’s sharp gains have helped XAU/USD recapture all the major Daily Moving Averages (DMA), underpinning the bullish sentiment.”
“Gold bulls could retest the daily highs at $1,809, above which a fresh advance will kick in towards the December highs of $1,814. The next critical target for bulls is seen at the $1,820 round number.”
“The 50-DMA at $1,800 is the immediate line of defense for gold buyers, below which hopes are stacked up at the 200-DMA of $1,796. If the sellers remain in complete control, then the additional downside could open up towards the 100-DMA at $1,788, which will be the line in the sand for gold optimists.”
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.