Gold price grinds higher after snapping two-day losing streak the previous day!

Gold price remains firmer inside a one-month-old ascending trend channel, recently bouncing off the 100-bar Simple Moving Average (SMA).

In addition to the bullish chart formation, the looming bull cross on the Moving Average Convergence and Divergence (MACD) indicator, as well as the upward-sloping Relative Strength Index (RSI) line, placed at 14, also keeps XAU/USD buyers hopeful.

However, multiple hurdles around $2,030 and the aforementioned channel’s top line, close to $2,053 by the press time, could challenge the Gold price upside ahead of directing the bulls towards the previous yearly top of $2,070.

Following that, the record top of $2,075, marked in 2020, will be in the spotlight.

Meanwhile, the 100-SMA and bottom line of the stated channel, close to $1,993 and $1,982 in that order, restrict short-term Gold price downside ahead of the 200-SMA support of near $1,947.

It should be noted that the XAU/USD’s weakness past 200-SMA makes it vulnerable to drop toward the previous monthly low, around $1,809.