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XAU/USD Price Forecast – Traders eye on $1850 level

XAU/USD Price Forecast – Traders eye on $1850 level




Gold price is consolidating near weekly highs of $1,828 reached a day before. Last week’s high is near $1831 and gold has shown good positive movement in this week which is a sign of positive rally in coming session. On daily chart 14 days RSI holds well above the level of 50 and Gold is also taking a support of 50 days exponential moving average. On intra day basis, $1831 level can be consider as a strong resistance and if Gold crosses $1831 level and gives a close above, then the next resistance will be near the level of $1850. On the other hand, if the corrective downside picks up pace, then a retest of Wednesday’s low of $1,815 will be in the offing.