Looking at the daily chart, the renewed upside in the Gold price is likely to gain momentum, as bulls have recaptured the mildly bearish 200-Daily Moving Average (DMA) at $1,792.
With the 14-day Relative Strength Index (RSI) pointing north above the midline, Gold price remains on course to retest the five-month highs at $1,810. The next key resistance is seen at the upper boundary of the month-long rising wedge pattern, now placed at $1,816.
In case, the Gold price yields a weekly closing below the 200DMA on a renewed selling pressure, then the correction could resume toward the lower boundary of the wedge at $1,777.
Daily closing below the abovementioned rising trendline support could confirm a reversal to the ongoing uptrend, as it will validate a bearish wedge.
The horizontal (dashed) trendline at $1,725 could come to Gold buyers’ rescue, although they need to beat the bullish 21DMA at $1,767 first.
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