Gold Price Forecast: XAU/USD trades with a mild negative bias, just above $1,955 level – by hareshmenghani Gold Commodities CPI Fed XAUUSD
trades just above the $1,955 level during the Asian session, albeit lacks any follow-through selling and manages to hold comfortably above the 100-day Simple Moving Average pivotal support.A generally positive tone around the equity markets is seen as a key factor acting as a headwind for the safe-haven Gold price. Apart from this, a modest US Dollar uptick exerts some pressure on the US Dollar-denominated commodity.
from the US on Monday. This, in turn, could further contribute to limiting losses for the XAU/USD, at least for now.From a technical perspective, any subsequent slide might continue to attract fresh buyers and find decent support near the 100-day SMA, currently pegged around the $1,941 area. A convincing break below will make thevulnerable to accelerate the fall towards the $1,900 mark.
On the flip side, Friday's swing high, around the $1,973 region, now seems to act as an immediate resistance ahead of the $1,983-$1,985 supply zone. A sustained strength beyond might trigger a short-covering move and lift Goldp rice to reclaim the $2,000 psychological mark. The XAU/USD could extend the upward trajectory and eventually climb to the next relevant hurdle near the $2,010-$2,012 region.
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