According To FXStreet’s Dhwani Mehta Gold Bulls Could Gather Some Courage

Gold price is trading around a flatline at the start of the week. XAU/USD is set to range between two key barriers amid light trading, FXStreet’s Dhwani Mehta reports.

Thursday’s high of $1,845 could challenge bearish commitments

“Gold price settled the previous week above the critical horizontal trendline support from the January 5 low at $1,825.

Therefore, Gold bulls could gather some courage to retest the previous support now turned resistance at the flattish 50-Daily Moving Average (DMA), currently pegged at $1,853. Ahead of that, Thursday’s high of $1,845 could challenge the bearish commitments.”

“On the downside, daily closing below the key support at $1,825 is needed to retest the previous day’s low at $1,819. Additional selling will call for a fresh downswing toward the $1,800 barrier.”