Gold price defied the bearish odds and rebounded firmly towards $1,950 on Wednesday. XAU/USD is set to remain choppy ahead of critical NATO Summit on Ukraine, FXStreet’s Dhwani mehta reports.

Attention turns towards the US top-tier events ahead of the key NATO meeting

“Attention now turns towards a batch of significant US economic releases, including the Durable Good Orders, Markit Preliminary Manufacturing and Services PMIs for fresh trading impetus in gold price. The main event risk, however, for Thursday remains the NATO Summit on Ukraine, in which US President Joe Biden is set to attend with his European counterparts. Ukrainian President Volodymyr Zelensky is invited to address the summit via a video link.”

“If the bullish momentum picks up, then XAU/USD could resume its upside towards the horizontal 100-SMA at $1,956. Ahead of that, gold bulls need to clear the powerful resistance near $1,950 on a sustained basis.”

“21 and 50-SMAs at at $1,930 and $1,933 respectively will limit the declines, below which a retest of the 200-SMA at $1,917 will be on the cards. The March 22 lows of $1,910 will be back on the sellers’ radars should the bears remain unstoppable. The line in the sand for gold optimists emerge at the $1,900 round level.”