Gold Price Forecast: XAU/USD to rally back toward $2,000 on Fed's dovish language

Gold price licks its wounds below $1,950. XAU/USD bulls could come up for last dance ahead of Federal Reserve, FXStreet’s Dhwani Mehta reports.

Gold price action leans toward a bullish bias

“Acceptance above the $1,950 psychological level is needed to initiate any recovery toward the previous static resistance at $1,960. The Fed-driven volatility could lead Gold buyers to retest the $2,000 mark and beyond on a dovish outlook.”

“A break below the previous day’s low of $1,935 could reinforce selling interests toward the $1,900 level. Hawkish Powell could challenge Gold’s bullish commitments at the March 17 low of $1,918 before attacking the $1,900 round level.”

See – Fed: Banks Preview, no pause yet, going ahead with 25 bps hike