Gold price remains pressured inside a one-month-old ascending trend channel, following its U-turn from the channel’s top line the previous day. In addition to the pullback from the stated channel’s resistance line, bearish signals from the Moving Average Convergence and Divergence (MACD) indicator also tease the XAU/USD sellers.
That said, the 100-bat Simple Moving Average (SMA) prods Gold price’s immediate declines ahead of the aforementioned channel’s bottom line, close to $1,977 at the latest.
Should the XAU/USD drop below $1,977, the odds of its fall towards the early March swing high around $1,860 can’t be ruled out. However, the 200-SMA level of around $1,937 and the $1,900 round figure may check the Gold price on its south run.
Meanwhile, the 61.8% Fibonacci Expansion (FE) level of the Gold price moves between March 09 and 21 joins the previously mentioned channel’s top line to highlight the $2,048 as the key upside hurdle for the XAU/USD bulls to cross to retake control.
Following that, the previous yearly high of $2,070 and the all-time peak of the Gold price, near $2,075, will precede the 78.6% FE level of around $2,080 to act as additional upside filters for the XAU/USD bulls to watch.
Overall, the Gold price runs out of steam for further upside but the bears need validation from $1,977 to retake control.
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