Gold Price Forecast: XAU/USD needs to stabilize above $1,800 to continue to push higher
Gold Price is set to close the week in positive territory despite Friday's pullback. XAU/USD eyes a break above $1,800 as preserves its bullish bias, FXStreet’s Eren Sengezer reports.
XAU/USD to attract additional buyers above $1,800
“On the upside, $1,800 (psychological level, 200-day Simple Moving Average (SMA) aligns as a key pivot level. Once XAU/USD stabilizes above that level by using it as support, it could target $1,830 (Fibonacci 50% retracement of the long-term downtrend) and $1,860 (static level) next.”
“If Gold price falls below $1,780 (Fibonacci 38.2% retracement) and fails to reclaim that level, sellers could show interest and drag XAU/USD lower toward $1,740 (static level) and $1,720 (Fibonacci 23.6% retracement, 50-day SMA).”
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