Gold Price Forecast: XAU/USD keeps doors open for a fresh upswing to $1830

Gold has benefited from the upbeat mood, extending its gains above $1,815. The $1830 level continues to lure XAU/USD buyers while the focus is on US data, FXStreet’s Dhwani Mehta briefs.

See – Gold Price Forecast: XAU/USD to hit $1900 as Powell is all-in on transitory inflation – TDS

Gold’s hourly chart shows more room to the upside

“Gold price could resume the previous decline should the US CB Consumer Confidence disappoint markets big time and trigger a strong comeback in the safe-haven greenback.”

“The hourly chart shows that gold price remains on track to challenge $1830, especially after it confirmed a falling wedge formation on a sustained break above the hurdle at $1812.”

“XAU/USD has recaptured the horizontal 21-Hourly Moving Average (HMA), which aligns at the $1812 level, forming strong support now. Any retracement below the latter could challenge the wedge hurdle, now at $1810. Further south, the wedge support at $1804 could come into play.”

“If the bulls regain poise, then Monday’s high at $1823 could challenge the renewed upside towards $1830.”