Gold price is regaining upside traction. Will XAU/USD buyers recapture critical 21-Daily Moving Average (DMA) resistance? FXStreet’s Dhwani Mehta analyzes the pair’s technical outlook.
Gold to come under intense selling pressure on failure to surpass 21-DMA
“Gold bulls yearn for a daily candlestick closing above 21-DMA at $1,844 to add extra legs to the ongoing recovery in the bright metal.”
“Fresh buying opportunities will be created above the 21-DMA hurdle, fuelling a rally toward the mildly bullish 50-DMA at $1,858.”
“Gold price could come under intense selling pressure on failure to surpass 21-DMA. The previous day’s low of $1,830 will be the first in sight for Gold sellers, below which a test of the $1,820 round level will be inevitable.”
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