Gold Price Forecast: XAU/USD targets multi-month highs above $1,800

Gold price recaptures a 200-Daily Moving Average on the road to recovery. XAU/USD is set to retest $1,810, FXStreet’s Dhwani Mehta reports.

Renewed upside in the yellow metal is likely to gain momentum

“Gold remains on course to retest the five-month highs at $1,810. The next key resistance is seen at the upper boundary of the month-long rising wedge pattern, now placed at $1,816.”

“In case, the Gold price yields a weekly closing below the 200DMA at $1,792 on a renewed selling pressure, then the correction could resume toward the lower boundary of the wedge at $1,777.”