According To FXStreet’s Dhwani Mehta Confirmation Of The Bearish Crossover Could Add Credence To The Downside In The Gold Price

Gold price has paused its four-day losing streak. But XAU/USD recovery appears elusive near $1,830, FXStreet’s Dhwani Mehta reports.

Downside potential remains intact

“Gold bears keep their eyes on the seven-week low of $1,819 before testing the falling trendline support at $1,801.”

“A bear cross is in the making, as the 21-Daily Moving Average (DMA) is on the verge of cutting the 50 DMA from above. Confirmation of the bearish crossover could add credence to the downside in the Gold price.”

“Any recovery will need acceptance above the previous day’s high of $1,834 to gain additional traction. The next stop for Gold bulls is seen at the weekly high of $1,848, above which the $1,850 psychological level could offer stiff resistance.”

See – Gold Price Forecast: XAU/USD to find solid floor at the 200-DMA of $1,776 – Credit Suisse