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- Gold Price Forecast: XAU/USD gathers strength to break higher towards the $1,900 mark
Gold Price Forecast: XAU/USD gathers strength to break higher towards the $1,900 mark
Gold staged an impressive comeback on Wednesday and reversed 75% of Tuesday's sell-off. As FXStreet’ Dhwani Mehta notes, falling yields could fuel a sustained break above $1,878 in XAU/USD.
XAU/USD yearns for a daily closing above the key $1,900 barrier
“The weakness in the US dollar alongside the yields continues to underpin gold price. The risk-off trading in the Asian equities amid looming China’s property sector concerns and global inflation risks continue to boost’s gold appeal as a safe-haven as well as an inflation hedge.”
“Gold is likely to trade in a familiar range between $1,850 and $1,878 in the day, until the bulls find a strong foothold above the June 14 tops of $1,878. A daily closing above the latter will trigger a fresh advance towards the $1,900 psychological level, above which the horizontal trendline resistance around $1,904 will challenge the bearish commitments.”
“On the downside, a breach of the $1,850 demand area could expose the November 11 lows of $1,843. Further south, the previous critical resistance now support at $1,834 will be the level to beat for gold bears.”
See – Gold Price Forecast: XAU/USD to suffer a near-term slippage ahead of further gains – Commerzbank
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