The Gold price brief recaptured the key short-term descending 21-Daily Moving Average (DMA) at $1,878 but failed to yield a daily closing above the latter.
The 14-day Relative Strength Index (RSI) indicator is lying just below the midline, suggesting that the upside attempts appear temporary in Gold price.
Failure to seek a weekly close above the 21 DMA at $1,878 could reinforce bearish interest, fuelling a fresh downswing toward Wednesday’s low of $1,859.
The next relevant support is seen at the $1,850 psychological level.
On the upside, recapturing the 21 DMA barrier on a sustained basis will confirm a bullish reversal from multi-month troughs. Gold buyers will then target the $1,900 threshold. At that level, the mildly bearish 50 DMA coincides.
Further up, powerful resistance around the $1,925 level could be challenged, where the 100 and 200 DMAs hang around.
TARGET : 1860
The 14-day Relative Strength Index (RSI) indicator is lying just below the midline, suggesting that the upside attempts appear temporary in Gold price.
Failure to seek a weekly close above the 21 DMA at $1,878 could reinforce bearish interest, fuelling a fresh downswing toward Wednesday’s low of $1,859.
The next relevant support is seen at the $1,850 psychological level.
On the upside, recapturing the 21 DMA barrier on a sustained basis will confirm a bullish reversal from multi-month troughs. Gold buyers will then target the $1,900 threshold. At that level, the mildly bearish 50 DMA coincides.
Further up, powerful resistance around the $1,925 level could be challenged, where the 100 and 200 DMAs hang around.
TARGET : 1860
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.