Gold price has reversed early recovery gains and remains on the defensive this Tuesday. XAU/USD could see an extended correction, FXStreet’s Dhwani Mehta reports.
Buyers need to reclaim the $1,935 hurdle to end the corrective downside
“With the 14-day Relative Strength Index (RSI) inching slightly higher, risks remain skewed to the upside in the near term. But Gold buyers need to reclaim the $1,935 hurdle, at first, to end the corrective downside. The next critical resistance is seen at the $1,950 psychological level, above which the wedge confluence at $1,959 will be the level to beat for Gold bulls.”
“A sustained move below the support near $1,915, will expose the previous week’s low at $1,911. The final threshold for Gold buyers to defend remains the $1,900 level should the correction regain traction. The bullish 21-Daily Moving Average (DMA) hangs around at that level.”
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