Gold Price Forecast: XAU/USD simmers another leg higher towards $1,917

Gold buyers are on the sidelines so far this Wednesday, hovering around the $1,900 threshold. XAU/USD awaits a fresh trigger to resume Ukraine crisis-led rally, FXStreet’s Dhwani Mehta reports.

Daily technical setup remains in favor of gold buyers

“Geopolitics will continue to lead the sentiment, with Ukraine in the eye of a storm and this calm in the market could be just before a potential Russian invasion storm. Resurgent flight to safety will revive the bullish interest in gold price.”

“Bulls will look for acceptance above the June 2021 highs of $1,917 once the eight-month highs of $1,914 is recaptured. If these resistance levels are cleared on a buying resurgence, then a test of the $1,920 round level will be inevitable.”    

“The immediate support is seen at $1,890, below which the February 18 lows of $1,887 will be tested. The next significant downside target is near the $1,870 region, where the rising trendline support emerges. Selling pressure will likely intensify below the latter, opening floors towards the $1,850 psychological barrier.”

See – Gold Price Forecast: XAU/USD to make further gains if the Ukraine crisis escalates – Commerzbank