Gold price remains firmer inside a one-month-old ascending trend channel, recently bouncing off the 100-bar Simple Moving Average (SMA).
In addition to the bullish chart formation, the looming bull cross on the Moving Average Convergence and Divergence (MACD) indicator, as well as the upward-sloping Relative Strength Index (RSI) line, placed at 14, also keeps XAU/USD buyers hopeful.
However, multiple hurdles around $2,030 and the aforementioned channel’s top line, close to $2,053 by the press time, could challenge the Gold price upside ahead of directing the bulls towards the previous yearly top of $2,070.
Following that, the record top of $2,075, marked in 2020, will be in the spotlight.
Meanwhile, the 100-SMA and bottom line of the stated channel, close to $1,993 and $1,982 in that order, restrict short-term Gold price downside ahead of the 200-SMA support of near $1,947.
It should be noted that the XAU/USD’s weakness past 200-SMA makes it vulnerable to drop toward the previous monthly low, around $1,809.
Peringatan: Pendapat yang disampaikan sepenuhnya merupakan milik penulis dan tidak mencerminkan posisi resmi Followme. Followme tidak bertanggung jawab atas keakuratan, kelengkapan, atau keandalan informasi yang disediakan, serta tidak bertanggung jawab atas tindakan apa pun yang diambil berdasarkan konten ini, kecuali dinyatakan secara tertulis.
Tinggalkan pesan Anda sekarang