XAU/USD Holds onto Modest Gains, Building Momentum for an Upward Push Toward $2,000
Gold prices have bounced off key support in a pennant formation, but resistance at $1,993 is crucial for further upside, according to FXStreet’s Dhwani Mehta. If the rebound continues, gold prices could aim to break the falling trendline resistance at $1,993, which could open the door to testing the $2,000 mark and the yearly high of $2,010. However, failure to sustain the renewed upside could trigger a decline towards strong trendline support at $1,959. Breaking this support could expose the $1,950 round level, and sellers would then target the previous week’s low at $1,935 if the downside momentum accelerates.
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