Gold to test $1950 support

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XAUUSD remains vulnerable around intraday low of near $1960 as it drops for the second consecutive day while reversing Friday’s corrective bounce to $1980. The immediate resistance near $1965 suggests further downside of the gold price. A strong break below $1950 major support opens a path to March swing low of $1935. The resistance close to $1977 can challenge the XAUUSD upside. Overall, Gold is bearish below $1900 and $2000 and the rest of $1950 is highly expected. Gold may consolidate before a move to the downside. FOMC, high US data news and the Fed will also influence the next move.

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