Gold Price Forecast: XAU/USD to renew upside with eyes back on the $1,950 level

Gold is easing from $1,950 so far this Wednesday. Will XAU/USD recapture $1,950 on Russia-Ukraine peace talks 2.0? There is room for another uptrend in the yellow metal, in the view of FXStreet’s Dhwani Mehta.

Fed Chair Powell is set to testify as fighting goes on in Ukraine

“Risk sentiment improved in Asia this Wednesday, as the S&P 500 futures sprung back into the green, in anticipation of the second round of peace talks between the two warring nations.”

“The focus now shifts towards the US ADP Employment data and Fed Chair Jerome Powell’s testimony. Powell may refrain to deliver any signals on aggressive tightening plans, in the face of the ongoing Ukraine crisis.”

“If buyers regain footing above $1,950, then a test of the multi-month highs of $1,975 will be once again on the table.”

“On the flip side, the further retracement could put the rising trendline support, now at $1,903, at risk. The next support is seen at $1,900, below which a fresh downswing will be triggered towards the upward-pointing 21-Daily Moving Average (DMA) at $1,870.”

See – Gold Price Forecast: XAU/USD to remain bullish unless it craters under $1,770 – DBS Bank