Gold price is seeing a fresh ray of light, as it closed the previous week above the critical 200-Daily Moving Average (DMA) at $1,786. That said, buyers could extend their control amid a bullish 14-day Relative Strength Index (RSI). The RSI is inching higher above the midline, currently standing at 57.98.
Meanwhile, the upward-sloping 50DMA has pierced the flattish 100DMA from below but traders await the confirmation of a Bull Cross on a daily closing basis. The immediate upside hurdle is placed at the $1,800 level, above which the December 15 high at $1,809 will be put to test once again. Acceptance above the latter could trigger a fresh upswing toward the multi-month high of $1,824.
On the flip side, the 200DMA resistance-turned-support could restrict any pullbacks. A daily closing below the 200DMA could challenge bullish commitments at the ascending 21DMA at $1,775. A decisive close below the 21DMA support will negate the ongoing upside momentum.