Gold Price Analysis: XAU/USD to race higher towards $1900 on a close above $1793

XAU/USD is closing in on $1800. As FXStreet’s Dhwani Mehta notes, gold eyes symmetrical triangle breakout on the daily chart. Focus is on Monday’s close, as above $1793 the yellow metal would target the $1900 level.

Immediate downside appears cushioned around $1793-$1791

“Looking forward, the risk trends, the price action in the yields and the buck will continue to influence gold price amid a blackout period for the Fed and a quiet start to the week.”

“Gold is teasing a symmetrical triangle breakout, with bulls awaiting a daily closing above the falling trendline resistance at $1793. The triangle breakout will open doors for a fresh uptrend towards the $1900 barrier. Ahead of that, the previous week’s high of $1814 will offer stiff resistance. Further up, September highs at $1834 will also emerge as a tough nut to crack for gold bulls.”

“On the flip side, the immediate downside appears cushioned around $1793-$1791. The next critical support awaits at the horizontal 50-DMA at $1780. Selling resurgence could knock off gold price further towards the rising trendline support at $1775.”