XAU/USD Technical Outlook – 28, Dec
Gold price marked another defeat from the $1,825 horizontal resistance, despite refreshing a six-month high while ticking up to $1,833. However, firmer prints of the Relative Strength Index (RSI), placed at 14, joined the bullish signals from the Moving Average Convergence and Divergence (MACD) indicator, to keep XAU/USD bulls hopeful of another battle with the $1,825 hurdle.
During the Gold’s successful trading beyond $1,825, June’s top near $1,880 and late March swing low around $1,890 can test the XAU/USD buyers before offering them the $1,900 threshold.
Alternatively, a one-week-old ascending support line, close to $1,803, precedes the $1,800 round figure to restrict the short-term Gold downside.
Also acting as the key challenges for the Gold sellers is an upward-sloping support line from early December, close to $1,780, as well as the 200-SMA support near $1,778.
Overall, firmer oscillators join the higher-low formation of the Gold price to keep buyers on the table.