Gold Price Forecast: XAUUSD eyes more declines

FXStreet Insights Team FXStreet

Gold Price is catching a sigh of relief after a three-day turmoil. Nonetheless, XAUUSD remains exposed to $1,880, FXStreet’s Dhwani Mehta reports.

Recovery path to be shallow

“Any recovery attempts appear limited near $1,935, the confluence of the previous day’s high, 50 and 21-DMAs. If XAU bulls remain resilient to the bearish odds, then a retest of the $1,950 psychological level will be inevitable.”

“If the selling spiral resumes, then bears will challenge the previous day’s low of $1,892 once again. The last line of defense for gold bulls will be the February 24 low of $1,878 before the ascending 100-DMA support gets exposed.”

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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