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Gold Price Analysis: XAU/USD must break this ultimate hurdle for a spike to 1,940

2 days ago   |   By FXCM

Gold is likely to open next with gains targeting 1,940 if the 50 SMA resistance is broken.
An ascending parallel channel and the 100 SMA work hand in hand, providing short term support.
Gold closed the week's trading at 1,900 after a minor correction from the weekly high at 1,914. The precious metal has gradually sustained a bullish price action within an ascending parallel channel. In September, support was embraced roughly at 1,860. On the other hand, the channel's resistance limits upward movements.
A monthly high traded slightly above 1,930, marking gold's most significant resistance...
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