Gold Price Forecast: XAU/USD looks to take out $1,937 resistance on the renewed upside

Gold price, finally, closed Thursday above the February 3 high of $1,919, yielding the much-needed upside break. More gains in the offing, FXStreet’s Dhwani Mehta reports.

Thursday’s low at $1,908 will be put to test should upside momentum fizzle out

“After a firm break above $1,919, doors now open up for a fresh rally toward the year-to-date high of $1,960. However, Gold bulls will need to clear Wednesday’s high of $1,937 to accelerate the upside.”

“On the downside, Thursday’s low at $1,908 will be put to test should the upside momentum fizzle out. The next cushion is envisioned at the $1,900 threshold, below which Tuesday’s low at $1,895 could challenge bullish commitments. Additional declines will need to crack the weekly low at $1,886.”