Gold price surged to the highest levels since June 16 at $1,869 before pulling back sharply to settle at $1,853 after US inflation-led explosion. Although the yellow metal is off highs, XAU/USD remains on track for the additional upside, according to FXStreet’s Dhwani Mehta.
XAU/USD has more room to rise
“XAU/USD is correcting slightly after the recent upsurge, with the US Treasury yields holding onto their recent recovery gains. However, the pause in the US dollar’s rally across the board is limiting the pullback in gold price.”
“The bright metal remains on track for additional upside if it takes out the June 16 highs of $1,869, above which the immediate hurdle is seen at the June 14 tops of $1,878. Further up, the $1,800 psychological level will be back in play.”
“A minor pullback cannot be ruled out towards $1,840 after Wednesday’s blistering rally. The previous critical resistance now support at $1,834 will challenge the bullish commitment, if the downside extends. The next stop for the sellers is seen at Wednesday’s low of $1,822.”
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