- Analytics
- News and Tools
- Market News
- Gold Price Forecast: XAU/USD's recovery to gain traction above $1,931
Gold Price Forecast: XAU/USD's recovery to gain traction above $1,931
Gold price witnessed good two-way businesses on Tuesday, although it booked the second straight daily loss. Heading towards the US ADP Employment report showdown on Wednesday, XAU/USD is looking to extend the rebound, FXStreet’s Dhwani Mehta reports.
Focus shifts to US jobs, Ukraine updates
“The focus will remain on a fresh batch of top-tier US economic releases, including the ADP employment and the final Q4 GDP revision. The developments surrounding the Ukraine-Russia war and the yields’ price action will continue to remain the main drivers, influencing gold price.”
“Acceptance above $1,931 will provide legs to the latest uptick in gold price, as bulls will then look to retest the 21-DMA barrier at $1,952. The previous week’s high of $1,966 remains on the buyers’ radars.”
“Immediate support is seen at the previous week’s low of $1,910, below which the $1,900 round level could get tested. The bullish 50-DMA, now at $1,894 will make it an uphill battle for sellers while the last line of defense for buyers is seen at $1,890.”
© 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
