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.”
“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
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.