Gold price is building on Wednesday’s upsurge this Thursday. XAU/USD is set to retake $2,000, FXStreet’s Dhwani Mehta reports.

Gold price is forming a bull pennant on the daily chart

“Gold price is charting a potential bull pennant on the daily chart. Gold buyers need a daily candle stick close above the falling trendline resistance at $1,975 to validate the bullish continuation pattern. An upside break will call for a test of Tuesday’s high at $1,985, above which the $2,000 round figure will get challenged.”

“On the other side, if Gold bulls fail to sustain at higher levels, any retracements could prod the intraday low at $1,965, below which the static support at $1,960 will be threatened. Deeper declines will expose the $1,950 demand area, opening floors for a test of the falling trendline support at $1,926.”