Gold Price Forecast: XAU/USD to see a fresh upswing toward $1,990 on ongoing bullish momentum

On Thursday, gold price finally broke the weekly consolidative mode to the upside. The yellow metal eyes more gains as bulls are gathering pace before the next push higher, FXStreet’s Dhwani Mehta reports.

XAU/USD has room to rise towards $1,990 

“The focus will continue to remain on risk trends, Ukraine updates and Fedspeak for fresh trading opportunities in gold price.”

“Buying resurgence could see the price resuming the uptrend towards the $1,970 round level, above which the February highs at $1,975 will lure buyers. Bulls will then gear up for a test of the pattern target measured at $1,988.”

“A firm break below the 100-SMA resistance now support will trigger a steep decline towards the 21-SMA at $1,939. The next support of the 50-DMA awaits at $1,933, a breach of which will allow bears to flex their muscles towards the bullish 200-SMA at $1,923. March 22 lows of $1,911 will be the level to beat for gold sellers.”

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