Fly out of the sideway 1770-1795, keep watching
Gold rises to $1788 in a bid to the two-day rebound during early Tuesday. The mentioned barrier around the 1792-95 coincides with EMA21 and EMA100 on D1, should act as a pivotal point for traders.
=> A convincing breakthrough has the potential to push spot prices beyond the $1800 mark, towards testing the strong resistance near the $1810-15 supply zone. The momentum could further get extended towards the $1840.
=> On the flip side, the $1775-74 area, followed by the $1770 level should protect the immediate downside. This is followed by the monthly swing low, around the $1762 region, which if broken will be set the stage for a fall towards the $1750-48 support zone.
=> A convincing breakthrough has the potential to push spot prices beyond the $1800 mark, towards testing the strong resistance near the $1810-15 supply zone. The momentum could further get extended towards the $1840.
=> On the flip side, the $1775-74 area, followed by the $1770 level should protect the immediate downside. This is followed by the monthly swing low, around the $1762 region, which if broken will be set the stage for a fall towards the $1750-48 support zone.
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