Gold price snaps a three-day winning streak within a fortnight-old rising trend channel while positing mild losses near $2,065 during early Wednesday. In doing so, the XAUUSD justifies the overbought RSI (14) line and the sluggish MACD signals. However, the pullback moves remain elusive unless breaking the $2,042-41 support confluence comprising the stated channel’s bottom line, 50-SMA and the early month’s peak. Following that, a quick fall toward the $2,000 psychological magnet appears imminent while the monthly low surrounding the 78.6% Fibonacci retracement of the November-December upside, near $1,977, will restrict the quote’s further downside. In a case where the bullion sellers keep control past $1,977, the previous monthly low of around $1,930 will be on their radars.
Meanwhile, the previously stated bullish channel’s top line, close to $2,080 at the latest, challenges the Gold buyer’s re-entry ahead of the $2,100 round figure. It should be noted that the overbought RSI and sluggish MACD will join the $2,100 to offer a tough fight to the bulls afterward. However, the metal’s successful trading beyond the $2,100 will allow the XAUUSD bulls to cross the latest peak surrounding $2,150 while aiming for the $2,200 threshold.
Overall, the Gold buyers are running out of steam and hence allow the XAUUSD to retreat. Even so, the precious metal’s bullish trend remains intact.
Meanwhile, the previously stated bullish channel’s top line, close to $2,080 at the latest, challenges the Gold buyer’s re-entry ahead of the $2,100 round figure. It should be noted that the overbought RSI and sluggish MACD will join the $2,100 to offer a tough fight to the bulls afterward. However, the metal’s successful trading beyond the $2,100 will allow the XAUUSD bulls to cross the latest peak surrounding $2,150 while aiming for the $2,200 threshold.
Overall, the Gold buyers are running out of steam and hence allow the XAUUSD to retreat. Even so, the precious metal’s bullish trend remains intact.