Gold Price Forecast: XAU/USD needs acceptance above $1,920 to resume the uptrend

Gold price is rising for the first time in four trading days this Thursday. XAU/USD could retake $1,920, FXStreet’s Dhwani Mehta reports.

Bulls continuing to guard the downside

“Four-hourly candlestick close above the 21-Simple Moving Average hurdle at $1,913 will drive the recovery further toward the upper boundary of the pennant, aligned at $1,925. However, Gold buyers need to find a strong foothold above the $1,920 round level, at first.”

“On the downside, if sellers extend their control below the key support of $1,897, where bullish 50SMA emerges, a sharp drop toward the $1,870 intermittent cap cannot be ruled out. Deeper declines will call for a test of the ascending 100SMA at $1,854.”

See – Gold Price Forecast: XAU/USD rally to extend toward $1,973/98, with fresh cap expected here – Credit Suisse