Gold price broke a four-day-old descending resistance line, now support around $1,809, to portray the first daily gain in six. The recovery moves currently jostle with a one-week-long support-turned-resistance of around $1,820.
Given the bullish signals from the Moving Average Convergence and Divergence (MACD) indicator and the upbeat but not overbought Relative Strength Index (RSI) line, placed at 14, the XAU/USD is likely to extend the latest rebound past the $1,820 hurdle.
However, a convergence of the 100-Hour Moving Average (HMA) and the aforementioned bearish channel’s upper line, close to $1,831, appears the key for the Gold buyers to cross before retaking control.
Alternatively, the downside break of the immediate resistance-turned-support line near $1,809 could quickly drag Gold price towards the $1,800 threshold.
Following that, the bearish channel’s bottom line, close to $1,790 at the latest, can challenge the XAU/USD bears.
Overall, Gold is likely to pare recent losses but the overall trend remains bearish.
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