Gold Price Forecast: XAU/USD could pull back to $1,900 on a break below $1,930 – ANZ

Gold’s technical chart suggests a break below the $1,930 level could trigger selling, analysts at ANZ Bank report.

Gold to trade in the range of $1,930-$2,000

The price could find support near a 200-DMA of $1,934. If Gold trades in the range of $1,930-$2,000, the bullish trend will remain intact. However, a decisive break below $1,930 could build up selling pressure and the price could pull back to $1,900 in the near term.

On the upside, any price rebound may face resistance at $2,000. Although a break of this level looks unlikely now, it could trigger short covering which could lift the price towards the next resistance of $2,062, the high recorded in May 2023.

On balance, we expect Gold to trade in the range of $1,930-$2,000.