- Analytics
- News and Tools
- Market News
- Gold Price Forecast: XAUUSD bulls keep eyes on $1,858 so long as 200 DMA guards the downside
Gold Price Forecast: XAUUSD bulls keep eyes on $1,858 so long as 200 DMA guards the downside
Gold price recaptured the critical horizontal 200-Daily Moving Average (DMA) at $1,842 on a daily closing basis on Thursday. In the view of FXStreet’s Dhwani Mehta, XAUUSD could retest $1,858.
Below the 200 DMA next support aligns at $1,829, then $1,816
“Bears are back this Friday, challenging the bullish commitments at the resistance now turned support at the 200 DMA at $1,842. If the latter caves in, then a drop towards the previous day’s low of $1,816 cannot be ruled out. Ahead of that the June 1 low of $1,829 could be tested.”
“So long as the 200 DMA support holds, bulls keep their sight on the weekly highs of $1,858 but the $1,850 level needs to be scaled on a sustained basis before.”
© 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
