Gold price bounces off the bottom line of a one-month-old ascending trend channel while defending the previous week’s retreat from the Year-To-Date (YTD) high.
Adding strength to the downside bias is the XAU/USD bear’s repeated attack on the 21-DMA, as well as bearish signals from the Moving Average Convergence and Divergence (MACD) indicators.
It’s worth noting that the Relative Strength Index (RSI) line, placed at 14, retreats from the overbought territory and drops towards the normal level of 50, which in turn challenges the Gold sellers.
Hence, the Gold price needs to break the $1,971 immediate support to convince intraday sellers. Even so, February’s high of around $1,960 and the 50-DMA level of near $1,914 can challenge the XAU/USD bears.
Above all, an upward-sloping trend line from November 2022, close to $1,873, acts as the last defense of the Gold buyers.
On the flip side, recovery moves need to sustain the $2,000 breakout on a daily closing basis before approaching the latest peak of $2,048. However, the stated channel’s top line, around $2,051, can check the Gold buyers before directing them toward the previous yearly high of $2,070, as well as the record high marked in 2020 of around $2,075.
Overall, XAU/USD teases sellers but the downside bias remains elusive.
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