GOLD PRICE FORECAST: XAU/USD TO TUMBLE IF 21DMA SUPPORT AT $1,914 FAILS ON DAILY CLOSING BASIS

Gold price consolidates the pullback from ten-month highs of $1,960. Will XAU/USD defend the 21-Daily Moving Average support? FXStreet’s Dhwani Mehta analyzes the pair’s technical outlook.

Gold needs to recapture $1,920 to extend the rebound 

“Failure to defend he critical short-term ascending 21DMA at $1,914 will trigger a fresh drop toward the $1,900 mark. A sustained move below the latter will open the floor toward the bullish 50DMA at $1,847.”

“Gold price needs to recapture the $1,920 round figure to extend the rebound toward the $1,934-$1,935 supply zone. Should the recovery gather steam, the multi-month highs of $1,960 will be back on Gold bulls’ radars.”