Gold Price Forecast: XAU/USD Buyers Position to Test $1,950

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the price of gold posted its fifth consecutive weekly rise. The XAU/USD could extend its upward trend to $1,950, as indicated by FXStreet’s Dhwani Mehta.

Daily technical setup favors gold bulls

“Gold price’s rebound from horizontal trend line support around $1,897 levels has reignited the uptrend, with buyers positioned for a test of the psychological $1,950 level. Next stop is at the highs of April 20 and 22, around $1,958. A sustained break above the latter will trigger a new rally towards the critical threshold of $2,000.”

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“Gold sellers will again challenge support just below $1,900 should investors turn to profit-taking on their long gold positions on the recent rally. A daily close below said The bearish limit will limit the correction towards the area of ​​$1,865, where the maximum of January 11 and the rising daily moving average of 21” converge.

Source: Fx Street

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