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- Gold Price Forecast: XAU/USD to enjoy further gainstowards the $1,900 mark
Gold Price Forecast: XAU/USD to enjoy further gainstowards the $1,900 mark
XAU/USD approaches $1,900. Gold buyers are likely to keep reins, however, RSI conditions may test the bulls, FXStreet’s Haresh Menghani reports.
XAU/USD bulls could target $1,900 amid Russia-Ukraine tensions
“Market participants will further take cues from geopolitical developments, which will continue to play a key role in driving the broader market risk sentiment and demand for the safe-haven XAU/USD.”
“Some follow-through strength towards an intermediate resistance near the $1,888 area, en-route the $1,900 mark, remains a distinct possibility. That said, RSI on the daily chart has moved on the verge of breaking into the overbought territory and warrants some caution for aggressive bullish traders.”
“The $1,868-$1,867 region now seems to protect the immediate downside ahead of the $1,858 area. Any further decline would now be seen as a buying opportunity and is more likely to remain limited near the $1,850-$1,848 zone. A convincing break below the latter might trigger a corrective pullback towards the next relevant support near the $1,832-$1,830 region.”
See – Gold Price Forecast: XAU/USD to climb as high as $1,923/1,930 – SocGen
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