Wednesday’s marked drop in gold prices was on the back of shrinking open interest and volume, suggesting that a sustained decline seems not favoured in the very near term. On the downside, there is a strong contention around the key $1800 mark per ounce troy for the time being.
Despite the latest rebound of the Gold price, a two-week-long descending resistance line, around $1,850 by the press time, challenges the buyers. Also doubting the upside bias is the bearish MACD signals and the downbeat RSI (14), but not oversold.
Even if the Gold price manages to cross the $1,850 hurdle, the 50-DMA level surrounding $1,862 and the previous support line from late November 2022, close to $1,905 at the latest, could test the XAU/USD bulls before giving them control.
Alternatively, Gold sellers may wait for a clear downside break of a two-month-old horizontal support area around $1,820 before excelling their dominance.
In that case, the $1,800 round figure and $1,750 may test the XAU/USD bears before directing them to the late November 2022 swing low of around $1,720.
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