3/7 GOLD. Expecting a short-term gold price recovery
Updated
The Gold Price ended the previous week on a positive note, despite experiencing three weeks of consecutive losses.
However, there was a noticeable recovery as the price bounced back from the bearish channel's support, which has been in place for five weeks. Additionally, there was an upward break of a descending resistance line that had formed two weeks prior. This resistance line now serves as immediate support at around $1,917, indicating potential for short-term bullish movement in XAU/USD.
The recovery hopes are further supported by bullish signals from the Moving Average Convergence and Divergence (MACD) and the positive conditions of the Relative Strength Index (RSI) line, which is currently at 14.
Moreover, the clearance of the 50-SMA (Simple Moving Average) strengthens the upward bias for the Gold Price.
However, the dominance of Gold buyers is dependent on surpassing the 200-SMA and the top line of the previously mentioned bearish channel, which are respectively located around $1,948 and $1,954.
On the other hand, if the price breaks below $1,913, it could pose a challenge to the key support level at $1,900, which includes the bottom line of the aforementioned bearish channel.
Another downside barrier is the recent bottom around
Gold Price Forecast: XAU/USD continues to bounce off $1,900 considering Fed Minutes, US NFP, 1950 price recovery expectations
Set up: BUY GOLD zone: $1910 - $1912 SL 1900
Based on EMA 34, EMA 89 moving average technical analysis indicator to trend on 7/3/2023
However, there was a noticeable recovery as the price bounced back from the bearish channel's support, which has been in place for five weeks. Additionally, there was an upward break of a descending resistance line that had formed two weeks prior. This resistance line now serves as immediate support at around $1,917, indicating potential for short-term bullish movement in XAU/USD.
The recovery hopes are further supported by bullish signals from the Moving Average Convergence and Divergence (MACD) and the positive conditions of the Relative Strength Index (RSI) line, which is currently at 14.
Moreover, the clearance of the 50-SMA (Simple Moving Average) strengthens the upward bias for the Gold Price.
However, the dominance of Gold buyers is dependent on surpassing the 200-SMA and the top line of the previously mentioned bearish channel, which are respectively located around $1,948 and $1,954.
On the other hand, if the price breaks below $1,913, it could pose a challenge to the key support level at $1,900, which includes the bottom line of the aforementioned bearish channel.
Another downside barrier is the recent bottom around
Gold Price Forecast: XAU/USD continues to bounce off $1,900 considering Fed Minutes, US NFP, 1950 price recovery expectations
Set up: BUY GOLD zone: $1910 - $1912 SL 1900
Based on EMA 34, EMA 89 moving average technical analysis indicator to trend on 7/3/2023
Note
price is still sideways around $1910 -$ 1920Note
+ 30 pip , buy zone 1911Note
+ 200 pips, entry price $1911Note
price is approaching the resistance zone of $1930Note
+160 pips from entry $1934
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