Gold Price Forecast: XAUUSD bullish interest reinforced above 200-DMA at $1,838
|Gold Price is headed for the first weekly gain in five weeks this Friday. Bulls have recaptured the critical 200-Daily Moving Average (DMA) at $1,838, more gains likely? FXStreet’s Dhwani Mehta reports.
End-of-the week flows likely in play
“With another data-scarce US calendar this Friday, all eyes will remain on the market’s risk perception and the price action surrounding the yields and the dollar for tracking gold moves. The end-of-the-week flows could also come into play, triggering wild swings in the price of the bright metal.”
“Should the 200-DMA, now support, at $1,838 cave in once again, then Wednesday's high at $1,825 will emerge as the next cushion for gold buyers. Further south, the $1,810-$1,808 demand area will then come into play, below which the trendline resistance now support at $1,798 will be probed.”
“Five-day highs of $1,849 will be retested on buying resurgence, reopening the upside towards the bearish 21-DMA at $1,862.”
“All in all, XAUUSD is likely to keep its choppy trend intact around the 200-DMA heading into the weekly closing.”
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.