Gold Price Forecast: XAU/USD is gearing for another run higher, with eyes on levels above $2,000

Gold price is trading listlessly so far this Friday, as bulls take a breather after the recent blistering rally. Daily technical setup suggests more gains for XAU/USD after a bull flag breakout, FXStreet’s Dhwani Mehta reports.

Bullish daily technical setup

“Gold price finally confirmed a bull flag breakout after closing Thursday above the falling trendline resistance at $1,975. The doors, therefore, remain open for a test of the yearly high at $2,010 should Gold bulls yield a sustained break of the $2,000 barrier.”

“On the other side, any corrective downside in the Gold price will meet initial support at the $1,980 round level, below which the bull flag resistance-turned-support at $1,967 will be tested. The last line of defense for Gold buyers is seen at the $1,950 demand area.”

See – Gold Price Forecast: XAU/USD on course to retest its $2,070/2075 record highs – Credit Suisse