Gold Price is struggling for upside traction. In the view of FXStreet’s Dhwanie Mehta, failure to close Monday above $1,990 hurdle signals caution for gold bulls.
$1,961 could emerge as key support for XAUUSD
“Next of relevance for Gold Price remains the speech from the Chicago Fed President Charles Evans, as a data-dry spell continues for the second straight day this Tuesday. The Fed sentiment will keep the dollar afloat amid incoming updates on the Ukraine crisis.”
“Gold’s daily chart shows that the price failed to find acceptance above the March 14 highs of $1,990. Therefore, unless bulls clear that upside hurdle, gold bears could remain hopeful, with Friday’s low of $1,961 in sight. The bullish 21-Daily Moving Average (DMA) at $1,945 will be the next line of defense should the correction gather steam.”
“The 14-day Relative Strength Index (RSI) is turning lower while holding above the midline, suggesting that any pullback could be quickly bought into. In such a case, Gold Price could retest the key $1,990 hurdle, a sustained break above which would expose the $2,000 level.”
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