Gold Price Forecast: XAUUSD to build onto the previous gains, $1,870 in the crosshairs

Gold Price looks to extend the previous weeks’ upbeat momentum. XAUUSD is supported at the 21-Daily Moving Average (DMA) at $1,849 amid light trading, will it retest $1,870? FXStreet’s Dhwani Mehta reports.

XAUUSD buyers seize control, $1,870 in sight

“Gold is looking for a retest of the previous week’s high of $1,870. The next upside target awaits at the mildly bullish 100-DMA at $1,890, above which the $1,900 will act as powerful resistance.”

“A firm break below the 21-DMA will challenge the bullish commitments at the critical 200-DMA, currently pegged at $1,842. Failure to resist the latter will reinforce the selling interest, opening floors for a fresh downswing towards the May 18 low of $1,807.”