XAU/USD 25/07: New day buy signal
XAUUSD Gold prices are seeing 'buying' trading early on Tuesday, after finding new buyers just above the critical support area of $1950.Gold buyers need to be accepted above the 100-day moving average (DMA) resistance turning support at $1,963 on a daily close to extend the recovery from six-day lows.
The next upside hurdle aligns with the $1970 static resistance, above which the May 24 high of $1985 could come into play. The $2,000 threshold will continue to be in the sights of Gold buyers.
Adding credence to the upside potential, the 14-day Relative Strength Index (RSI) edged higher above the midline, heading towards the overbought zone.
I expect a buy strategy around 1950$.
Stop loss around 50pip for each strategy
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