The Outlook Of Gold By FXStreet’s Dhwani Mehta - 15.02.2023

Gold price is resuming its downtrend below $1,850 in Wednesday’s trading so far. $1,825 remains in sight for XAU/USD bears, as FXStreet’s Dhwani Mehta notes.

Gold remains vulnerable whilst below the 50DMA barrier

“The next downside target is the falling trendline support at $1,838 should the previous day’s low give way. Further declines could challenge bullish commitments at the horizontal trendline support from the January 5 low at $1,825.”

“Recapturing the 50-Daily Moving Average resistance at $1,860 is critical for Gold bulls to initiate any meaningful recovery toward the $1,870 supply zone.”