Gold price failed to make a decisive move in either direction for the second straight week. In the view of FXStreet’s Eren Sengezer, bulls are set to remain in control as long as $1,900 stays intact.
Static resistance seems to have formed at $1,950
“In case XAU/USD makes a daily close below $1,920, it could extend the downward correction toward the lower limit of the channel at $1,900. If the pair falls below that level and starts using it as resistance, this could be seen as a bearish development and attract sellers. In that scenario, $1,880 aligns as the next short-term support.”
“On the upside, static resistance seems to have formed at $1,950. Above that level, $1,960 (static level from April) and $1,980 (static level from April) could be seen as next hurdles. With these levels aligning outside the ascending channel, buyers could hesitate to bet on additional gains and await another downward correction.”
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