Gold price remains inactive between the 100-day Exponential Moving Average (EMA) and 50-day EMA following its break of the three-month-old support line, now resistance. Adding strength to the downside bias are the bearish MACD signals and a two-week-old descending trend line.
It’s worth noting, however, that the nearly oversold conditions of RSI (14) highlight the importance of the 100-day EMA level of $1,821 as the key support.
On the contrary, a downward-sloping resistance line from February 09, close to $1,838 restricts the XAU/USD’s immediate upside ahead of the 50-day EMA, near $1,853 by the press time.
Hence, the Gold price stays on the bear’s radar unless breaking the support-turned-resistance line from late November, close to $1,916, but the room for metal appears limited.
My guess is more downside coming...
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