- Analytics
- News and Tools
- Market News
- Gold Price Forecast: XAU/USD to extend its rebound on acceptance above $1,815-$1817
Gold Price Forecast: XAU/USD to extend its rebound on acceptance above $1,815-$1817
Gold price is consolidating Friday’s turnaround below $1,815. This level remains a tough nut to crack for XAU/USD bulls, as FXStreet’s Dhwani Mehta notes.
21-SMA to cap further declines at $1,806
“Gold has carved out an ascending triangle formation on the four-hour sticks. However, bulls yearn for acceptance above the horizontal trendline resistance at $1,815 to confirm an upside breakout from the triangle. The immediate barrier is seen at the 100-Simple Moving Average (DMA) at $1,817, above which doors will open up towards $1,820. A fresh upswing will be initiated above the latter, calling for a test of the $1,835 supply zone.”
“On the flip side, bullish 21-SMA will likely cap the further declines at $1,806. The next stop for bears is placed at $1,803, the 50-SMA. Further south, the falling trendline support at $1,793 will be the last line of defense for gold buyers.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
