Gold Price Forecast: XAU/USD to target $2,000 on a move above $1,972

XAU/USD holds steady near multi-week high ahead of key US CPI report. Bullish traders await a move beyond the $1,972 resistance zone, FXStreet’s Haresh Menghani reports.

The market focus will remain glued to the US consumer inflation figures

“The market focus will remain glued to the latest US consumer inflation figures. Any meaningful upside seems elusive as traders might refrain from placing aggressive bets ahead of the key macro data.”

“Gold has struggled to find acceptance above the 38.2% Fibonacci retracement level of the $2,071-$1,890 fall. The said barrier, currently around the $1,972 region, should now act as a pivotal point, above which bulls could aim back to reclaim the $2,000 psychological mark.”

“The $1,946-$1,945 region now seems to protect the immediate downside ahead of the $1,934 area and the $1,928 zone. The latter coincides with the lower boundary of the aforementioned channel, which if broken decisively will shift the bias back in favour of bearish traders. Gold could then accelerate the fall towards the $1,915 intermediate support before eventually dropping to the $1,900-$1,890 region.”

See – US CPI Preview: Forecasts from 12 major banks, another lurch forward