According To FXStreet’s Dhwani Mehta Gold Price Could Come Under Intense Selling Pressure

Gold price is regaining upside traction. Will XAU/USD buyers recapture critical 21-Daily Moving Average (DMA) resistance? FXStreet’s Dhwani Mehta analyzes the pair’s technical outlook.

Gold to come under intense selling pressure on failure to surpass 21-DMA

“Gold bulls yearn for a daily candlestick closing above 21-DMA at $1,844 to add extra legs to the ongoing recovery in the bright metal.”

“Fresh buying opportunities will be created above the 21-DMA hurdle, fuelling a rally toward the mildly bullish 50-DMA at $1,858.”

“Gold price could come under intense selling pressure on failure to surpass 21-DMA. The previous day’s low of $1,830 will be the first in sight for Gold sellers, below which a test of the $1,820 round level will be inevitable.”