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Gold broke back below $1,900. XAU/USD is making a tepid recovery attempt toward the $1,900 level at the start of the week on Monday but is not out of the woods yet, FXStreet’s Dhwani Meha reports.
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“On the revival of selling interest, Gold could resume decline toward the four-week low of $1,860. The next downside target is seen at the $1,850 psychological mark. The bullish 50-DMA hangs around that level.”
“On the other side, Gold's price will hurdle the $1,900 threshold. Acceptance above the latter is critical to recapturing the 21-DMA at $1,913. So long as XAU/USD is below the 21-DMA barrier, bears will likely maintain their control.”
