Gold Price Forecast: XAUUSD to suffer further declines toward $1,900

Gold Price keeps pushing lower. As FXStreet’s Dhwani Mehta notes, $1,900 could be next key support as bears refuse to give in.

More downside eyed in the week ahead

“The Fed expectations and the dollar’s price action will continue to have a significant impact on XAUUSD amid the Fed’s ‘blackout’ period and a lack of first-tier US economic data. Incoming Russia-Ukraine headlines will be eyed after Ukrainian President Volodymyr Zelenskyy met with US Secretary of State Blinken and Defense Secretary Austin on Sunday.”

“If sellers manage to gain a foothold below the $1,915 level, then a further sell-off to the $1,900 mark will be in the offing. The next stop for bearish traders is envisioned at the March lows of $1,890.”

“Any recovery attempts are likely to meet the initial supply at the 50-Daily Moving Averages (DMA) of $1,937, above which recapturing the 21-DMA at $1,943 will be critical for the additional upside. The $1,950 psychological level will be the level to beat for gold bulls.”