Home Forex XAU/USD buyers positioned for a test of $1,950

XAU/USD buyers positioned for a test of $1,950

by SuperiorInvest

The price of gold recorded its fifth consecutive weekly gain. XAU/USD could expand uptrend at $1,950as FXStreet’s Dhwani Mehta notes.

Daily technical setup favors gold bulls

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

“Gold sellers will once again challenge support just below $1,900 if investors resort to taking profits on their gold longs in the face of the recent rally. A daily close below the mentioned low opens the floor for another correction towards the $1,865 region, where the January 11 high and the ascending 21-day moving average (DMA) connect.

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