Gold price has set off the week on a solid footing this Monday. Acceptance above $1,900 is critical for XAU/USD, FXStreet’s Dhwani Mehta reports.
Any pullback in Gold price appears limited
“Gold price has yielded a decisive break above the mildly bullish 50-Daily Moving Average (DMA) at $1,873, extending Friday’s upsurge to six-week highs of $1,895. Although Gold bulls have taken a pause before resuming the uptrend. The retracement in XAU/USD could retest the 50 DMA resistance-turned-support, below which the daily low at $1,868 could come into play.”
“Gold bulls will need to take out the intraday high at $1,895 to resume the upside to test the $1,900 barrier. Daily closing above the latter is critical to initiate a meaningful advance toward the year-to-date highs of $1,960. Ahead of that, the February 3 high of $1,919 needs to be scaled by Gold buyers.”
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