Gold Price Forecast: XAU/USD eyes a sustained move above $1,940 amid favorable technicals

Gold ended up closing modestly lower on Friday. XAU/USD bulls need to cross $1,940 for a sustained upside, FXStreet’s Dhwani Mehta reports.

Strong support seen at $1,917

“Gold price is facing an immediate hurdle at the rising trendline resistance at $1,940 on its renewed upside. Should buyers find a strong foothold above the latter, a fresh upswing toward the $1,950 psychological level will be in the offing.”

“To the downside, strong support is seen at the lower boundary of the wedge, now at $1,917, although Friday’s low at $1,921 could come to Gold buyers’ rescue before. Further south, the January 18 low at $1,897 could challenge bullish commitments.”