- Analytics
- News and Tools
- Market News
- Gold Price Forecast: XAU/USD could retest $1,900 but buyers may re-emerge, spurring volatility
Gold Price Forecast: XAU/USD could retest $1,900 but buyers may re-emerge, spurring volatility
Gold price holds its recent range after testing the $1,900 mark on Tuesday. In the view of FXStreet’s Dhwani Mehta, XAU/USD appears ‘buy the dips’ trade.
Sellers need a daily closing below 21DMA at $1,907 to extend the correction
“The bright metal dropped sharply to the $1,900 threshold on Tuesday but staged a solid comeback thereafter. This suggests that Gold price remains a ‘buy the dips’ trade from a short-term technical perspective.”
“On the upside, Gold buyers need to find acceptance above the $1,935 hurdle to negate the recent downbeat mood. Further up, the move higher could challenge the $1,950 psychological level before attacking the $1,960 supply zone.”
“Gold sellers need a daily closing below the bullish 21-Daily Moving Average (DMA) at $1,907 to extend the correction from nine-month highs of $1,949. The last line of defense for Gold buyers stands at the $1,900 level, below which floors will open up toward the January 11 low of $1,867.”
© 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
