Gold Price Forecast: XAU/USD to extend its rebound on acceptance above $1,815-$1817
Gold price is consolidating Friday’s turnaround below $1,815. This level remains a tough nut to crack for XAU/USD bulls, as FXStreet’s Dhwani Mehta notes.
21-SMA to cap further declines at $1,806
“Gold has carved out an ascending triangle formation on the four-hour sticks. However, bulls yearn for acceptance above the horizontal trendline resistance at $1,815 to confirm an upside breakout from the triangle. The immediate barrier is seen at the 100-Simple Moving Average (DMA) at $1,817, above which doors will open up towards $1,820. A fresh upswing will be initiated above the latter, calling for a test of the $1,835 supply zone.”
“On the flip side, bullish 21-SMA will likely cap the further declines at $1,806. The next stop for bears is placed at $1,803, the 50-SMA. Further south, the falling trendline support at $1,793 will be the last line of defense for gold buyers.”