Two key DMAs ahead of-top-tier Eurozone data
Gold price eyes the best month in four as US Dollar weaknes furthuer on dovish Fed bets.
China's mixed offcial PMIs lift hopes for policy stimlus, could lend support to Gold price.
Gold price to see range trade between critical DMA.
As observed on the daily chart, Gold price rebound lost pace below the bullish 100-DMA of $1,968 on Friday.
However, the 14-day RSI Index stays bullish while above the midline and the 21 and 50 DMAs bull cross remains in play.
Gold price, therefore, could see a limited pullback, with the 21 and 50 DMAs confluence support near $1,947 likely to cushion the downside.
Failure to resist above the latter will theaten the two-week lows of $1,943, below which a fresh decline toward the $1,930 round figure cannot be ruled out.
On the upside, bullish technical indicators will continue to favor Gold bulls, with immedate resistance seen at Friday's high of $1,964, above which the bullish 100 DMA at $1,968 will be challenged.
Gold buyers need to find a strong foothold above the latter to resume the recent uptrend toward the multi-month highs of $1,988. Ahead of that, Thursday's high of $1,982 will be a tough nut to crack for them.
Gold price eyes the best month in four as US Dollar weaknes furthuer on dovish Fed bets.
China's mixed offcial PMIs lift hopes for policy stimlus, could lend support to Gold price.
Gold price to see range trade between critical DMA.
As observed on the daily chart, Gold price rebound lost pace below the bullish 100-DMA of $1,968 on Friday.
However, the 14-day RSI Index stays bullish while above the midline and the 21 and 50 DMAs bull cross remains in play.
Gold price, therefore, could see a limited pullback, with the 21 and 50 DMAs confluence support near $1,947 likely to cushion the downside.
Failure to resist above the latter will theaten the two-week lows of $1,943, below which a fresh decline toward the $1,930 round figure cannot be ruled out.
On the upside, bullish technical indicators will continue to favor Gold bulls, with immedate resistance seen at Friday's high of $1,964, above which the bullish 100 DMA at $1,968 will be challenged.
Gold buyers need to find a strong foothold above the latter to resume the recent uptrend toward the multi-month highs of $1,988. Ahead of that, Thursday's high of $1,982 will be a tough nut to crack for them.
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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.