Gold price reverses the previous week’s retreat from an eight-week-old descending resistance line, grinding higher past the 100-bar Exponential Moving Average (EMA). However, the nearly overbought RSI (14) suggests another pullback from the aforementioned immediate resistance line, near $1,962 at the latest. With this, the XAUUSD is likely to break the immediate support surrounding $1,935, comprising the 100-EMA. However, the 200-EMA, close to $1,900 at the latest, appears a tough nut to crack for the metal bears to break before retaking control. In a case where the price remains bearish below the $1,900 mark, the odds of witnessing a quick slump toward the early March high of around $1,858 can’t be ruled out.
On the contrary, a daily closing beyond the aforementioned descending resistance line, close to $1,962, could renew the Gold Price upside towards challenging the previous monthly high of around $1,983. Following that, the $2,000 round figure and April’s peak of around $2,048 will be in the spotlight before directing the XAUUSD bulls toward the yearly high of near $2,067.
Overall, multiple hurdles toward the north and the latest retreat from the key resistance line teases the Gold sellers but crucial EMAs stand tall to challenge the commodity bears.
On the contrary, a daily closing beyond the aforementioned descending resistance line, close to $1,962, could renew the Gold Price upside towards challenging the previous monthly high of around $1,983. Following that, the $2,000 round figure and April’s peak of around $2,048 will be in the spotlight before directing the XAUUSD bulls toward the yearly high of near $2,067.
Overall, multiple hurdles toward the north and the latest retreat from the key resistance line teases the Gold sellers but crucial EMAs stand tall to challenge the commodity bears.