the price of gold will close the week in positive territory despite Friday’s pullback. The XAU/USD looking to break above $1,800 and maintains its bullish bias, reports FXStreet’s Eren Sengezer.
XAU/USD will attract more buyers above $1,800
“On the upside, $1,800 (psychological level, 200-day SMA) lines up as a key pivot level. Once XAU/USD stabilizes above that level using it as support, it could target 1,830 $ (50% Fibonacci retracement of the long-term downtrend level) and to $1,860 (static level) below.”
“If the price of gold falls below $1,780 (38.2% Fibonacci level) and fails to recapture that level, sellers could show interest and drag XAU/USD towards $1,740 (static level) and $1,720 (23.6% of the Fibonacci retracement, 50-day SMA).
Source: Fx Street
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