Gold gained traction and climbed to a daily high of $1825 but failed to preserve its bullish momentum. Broad based USD strength continues to limit XAUUSD upside.
The horizontal range seems to have formed between $1790 (100-day SMA) and $1825 (200-day SMA). Gold price may move towards horizontal support at $1802.50 in line with 38.2% Fibonacci retracement and 100% Fibonacci extension.
$1800 might continue to attract some dip buying near the $1795-$1790 demand zone. A sustained breakthrough might be seen as a fresh trigger for bearish traders and prompt some aggressive technical selling. The precious metal might then fall to the $1775 support area, which if broken shift the near term bias back in favour of bearish traders.
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The horizontal range seems to have formed between $1790 (100-day SMA) and $1825 (200-day SMA). Gold price may move towards horizontal support at $1802.50 in line with 38.2% Fibonacci retracement and 100% Fibonacci extension.
$1800 might continue to attract some dip buying near the $1795-$1790 demand zone. A sustained breakthrough might be seen as a fresh trigger for bearish traders and prompt some aggressive technical selling. The precious metal might then fall to the $1775 support area, which if broken shift the near term bias back in favour of bearish traders.
Please support this idea with like and comment, thank you!