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11 Mar 2022
Gold Price Forecast: XAU/USD bears to retain control while below stubborn $2,007 resistance
Gold bulls continue to face stiff resistance at the horizontal 21-Simple Moving Average (SMA) at $2,007. Meanwhile, XAU/USD’s downside appears capped at $1,971, FXStreet’s Dhwani Mehta reports.
Gold price is trapped between 21 and 50-SMAs
“A strong cap at $1,971 will likely limit gold’s decline, as the triangle support and the upward-sloping 50-SMA converge at that level. A firm break below that crucial support will open up the further downside towards the $1,950 psychological level, below which the ascending 100-SMA at $1,937 could be probed.”
“immediate resistance is seen at $2,000, above which bulls need to crack the 21-SMA to take on the triangle hurdle at $2,021. The $2,050 round level could emerge as the next relevant resistance on the renewed upside”.