Gold Price Forecast: XAU/USD to see a test of $1,835 as technicals remain favorable

Gold price is sitting at the highest levels in nine days near the $1,830 barrier on Wednesday. As FXStreet’s Dhwani Mehta notes, XAU/USD has more room to rise.

Strong support seen around $1,817

“Gold is in an upside consolidative mode, prepping up for a fresh leg up once the $1,830 round level is cleared. The next bullish target is seen at the horizontal trendline resistance at $1,835. Further up, bulls will challenge a powerful hurdle of around $1,848.

“$1,820 could limit any retracement, below which strong support around $1,817 will test the bullish commitments. The latter is the confluence of the horizontal 100-SMA and upward-pointing 21-SMA. Sellers will then target the horizontal 200-SMA support at $1,814.”