XAU/USD is licking its wounds below $1,930 on Thursday, undermined by the persistent strength in the dollar. As FXStreet0s Dhwani Mehta notes, the $1,950 barrier remains a tough nut to crack for gold bulls.
Month-long rising trendline offers strong support at $1,904
“Should risk-aversion intensify in the upcoming sessions, the greenback will continue to remain the go-to safety net, exacerbating the pain in gold.”
“Buyers need acceptance above $1,950 to resume the upside towards the multi-month highs of $1,975.”
“Daily closing below the month-long rising trendline support at $1,904 will trigger a sharp sell-off towards the February 24 low of $1,878. Further south, the upward-sloping 21-Daily Moving Average (DMA) at $1,875 will then challenge the bullish commitments.”
See – Gold Price Forecast: XAU/USD to remain bullish unless it craters under $1,770 – DBS Bank