Gold price pares intraday losses while bouncing off the 200-Hourly Moving Average (HMA), currently around $1,790. The recovery moves also take clues from the oversold RSI conditions to tease the buyers.
However, bearish MACD signals and multiple hurdles towards the north challenge the XAU/USD bulls. Among them, a two-week-old horizontal resistance area near $1,805 gains the attention of intraday buyers.
Following that, a downward-sloping resistance line from Tuesday, near $1,810, could act as an additional upside filter to challenge the Gold buyers. On the flip side, an ascending trend line from November 30 adds strength to the $1,790 support, by joining the 200-HMA.
In a case where the Gold price remains bearish past $1,790, the resulting downturn could aim for the weekly low near $1,777 and then to the monthly trough surrounding $1,765.
Overall, the Gold price remains bullish unless breaking $1,790 support confluence.