Gold Price Forecast: XAU/USD to enjoy further gains on a break above $1,917

Gold price pauses its bullish momentum just below June 2021 highs of $1,917. Acceptance above here is set to unleash further upside, FXStreet’s Dhwani Mehta reports.

Bullish potential remains intact

“The June 2021 highs of $1,917 remain on bulls’ sights, as a bull cross confirmation is likely to play out. If the risk-off-driven rally in gold price resumes, then bulls will retest the eight-month tops, above which the June 2021 highs will come into the picture. The next bullish target is aligned at $1,950, the psychological barrier.”

“Any retracement will look for support at the $1,900 threshold, below which the round level of $1,890 could be put to test. A firm break below the latter will open up the further downside towards Tuesday’s high of $1,880. The $1,850 support area will be back on sellers’ radars should the correction gather steam.”

See – Gold Price Forecast: XAU/USD finds support on a weaker USD, high inflation negates downside risks – ANZ