Gold Price Forecast: The first upside barrier for XAU/USD is seen at $1,960
- Gold price struggles to gain ground around $1,940 on Monday.
- Precious metal holds below the 50- and 100-hour EMAs on the four-hour chart.
- The first resistance level is seen at $1,960; $1,930 acts as an initial support level for gold.
Gold price (XAU/USD) struggles to gain ground during the early European session on Monday. Investors await the highly-anticipated US Consumer Price Index (CPI) on Tuesday for fresh impetus. The monthly inflation gauge is expected to rise 0.1% in October while the core CPI is estimated to remain unchanged at 0.3%. At press time, gold price is trading around $1,940, gaining 0.18% on the day.
That being said, gold price holds below the 50- and 100-hour Exponential Moving Averages (EMAs) on the four-hour chart, supporting the sellers for the time being. It’s worth noting that gold price is located in the bearish territory below 50, indicating the path of least resistance is to the downside in the nearterm.
Gold price will meet the first resistance level near the 100-hour EMA at $1,960. The additional upside filter is seen near the upper boundary of the Bollinger Band at $1,969. Further north, the next barrier is located at the $2,000 psychological round mark.
On the flip side, $1,930 acts as an initial support level for gold. The next contention will emerge near a low of October 16 at $1,908, followed by $1,900 (a round figure).
Gold price four-hour chart
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Author
Lallalit Srijandorn
FXStreet
Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.
