Gold Rate Projection: XAU/USD purchasers placed for a test of $1,950

Gold cost reserved a 5th straight weekly gain. XAU/USD might extend the uptrend to $1,950, as FXStreet’s Dhwani Mehta notes.

Daily technical setup prefers Gold bulls

” Gold cost rebound from the horizontal trendline assistance around $1,897 levels has actually restored the uptrend, with purchasers placed for a test of the $1,950 mental level. The next stop is visualized at the April 20 and April 22 highs around $1,958. A continual break above the latter will set off a fresh rally towards the vital $2,000 limit.”

” Gold sellers will when again challenge assistance simply underneath $1,900 must financiers turn to profit-taking on their Gold longs, in the face of the current rise. Daily closing listed below the stated disadvantage cap will open floorings for a more correction towards the $1,865 area, where January 11 high and the rising 21-Daily Moving Typical (DMA) combine.”