Gold Price Forecast: XAU/USD eyes yearly closing above $1,825 to confirm an ascending triangle

Gold price is looking to extend the previous rebound. Will XAU/USD close the final day of 2022 above $1,825? FXStreet’s Dhwani Mehta analyzes the pair’s technical picture.

Bulls remain on track to recapture the critical $1,825 resistance

“Gold bulls yearn for a daily closing above the horizontal trendline (triangle) resistance at  $1,825 to confirm the ascending triangle breakout. Buyers will then target the six-month high at $1,833, above which a fresh upswing toward the psychological $1,850 level could be on the cards.”

“Immediate support is seen at Thursday’s low of $1,804. A breach of the latter could put Tuesday’s low at $1,800 under threat. The next critical support awaits at $1,797, which is the confluence of the rising trendline (triangle support line) and the bullish 21-Daily Moving Average (DMA). That demand area will be a tough nut to crack for Gold sellers.”