Gold Price Forecast: XAU/USD needs to surpass $1,865-$1,870 to extend its gains Gold XAUUSD Technical Analysis
Gold price is seen consolidating its recent gains to a nearly three-week high touched on Friday. FXStreet’s Haresh Menghani analyzes“Any subsequent move up is more likely to confront resistance near the $1,865-$1,870 confluence. A sustained strength beyond could prompt technical buying and lift XAU/USD to 50% Fibo. level, which coincides with the $1,885-$1,886 horizontal barrier. This is followed by 61.8% Fibo.
“The 23.6% Fibo. level, around the $1,842-$1,841 region, now seems to protect the immediate downside ahead of the $1,821-$1,820 horizontal support. Failure to defend the said support levels could drag the Gold price back to the $1,805-$1,804 area. Some follow-through selling below the $1,800 mark, or the 100-day SMA, will be seen as a fresh trigger for bearish traders and make theInformation on these pages contains forward-looking statements that involve risks and uncertainties.
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