Technical Analysis: Gold sellers need validation from $1,834
Gold’s pullback from the yearly resistance gains supports from RSI retreat, suggesting further weakness in prices. However, a horizontal resistance-turned-support stretched from July, around $1,834, becomes the key hurdle for the sellers. Should the commodity prices drop below $1,834, October’s peak of $1,813 may offer an intermediate halt before directing the bears toward a convergence of 100 and 200 DMAs near $1$,793-92. It’s worth noting that sustained trading below $1,792 will be a confirmation of the upcoming bearish trend.
Meanwhile, any recovery needs a clear run-up beyond the stated resistance line from January around $1,866. Adding to the upside filters are the tops marked in early 2021 and in November close to $1,876-78. During the gold buyer’s dominance past $1,878, the $1,900 threshold will be a crucial resistance ahead of June’s peak of $1,917 and the yearly top surrounding $1,960. To sum up, gold bulls have tired but are not out of the woods.
Meanwhile, any recovery needs a clear run-up beyond the stated resistance line from January around $1,866. Adding to the upside filters are the tops marked in early 2021 and in November close to $1,876-78. During the gold buyer’s dominance past $1,878, the $1,900 threshold will be a crucial resistance ahead of June’s peak of $1,917 and the yearly top surrounding $1,960. To sum up, gold bulls have tired but are not out of the woods.
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