Gold has benefited from the upbeat mood, extending its gains above $1,815. The $1830 level continues to lure XAU/USD buyers while the focus is on US data, FXStreet’s Dhwani Mehta briefs. Gold price could resume the previous decline should the US CB Consumer Confidence disappoint markets big time and trigger a strong comeback in the safe-haven greenback. The hourly chart shows that gold price remains on track to challenge $1830, especially after it confirmed a falling wedge formation on a sustained break above the hurdle at $1812.
XAU/USD has recaptured the horizontal 21-Hourly Moving Average (HMA), which aligns at the $1812 level, forming strong support now. Any retracement below the latter could challenge the wedge hurdle, now at $1810. Further south, the wedge support at $1804 could come into play.
If the bulls regain poise, then Monday’s high at $1823 could challenge the renewed upside towards $1830.