Gold price remains on the bear’s radar as it broke a one-week-old ascending trend line and the 50-Simple Moving Average (SMA) the previous day, after forming a “double top” bearish chart formation around $1,825.
Adding strength to the downside bias is the absence of the oversold conditions for the Relative Strength Index (RSI), located at 14, as well as the bearish signals from the Moving Average Convergence and Divergence (MACD) indicator.
That said, the Gold price can ignore the latest rebound unless the commodity stays below a convergence of the 50-SMA and previous support line from December 16, close to $1,799 by the press time. Also challenging the upside filter is the $1,800 threshold.
Following that, the recovery moves could aim for the “double tops” marked around $1,825, a break of which will give control to the Gold buyers targeting June’s peak surrounding $1,880.
On the contrary, a three-week-old ascending support line, near $1,779 at the latest, lures intraday sellers of the Gold. However, the likely oversold conditions of the RSI around there could join the 200-SMA, near $1,772 by the press time, to challenge the XAU/USD bears afterward.
In a case where the Gold price remains bearish past $1,772, the odds of witnessing a slump toward the monthly low near $1,765, and then a battle with the multiple supports near $1,760, can’t be ruled out.
Overall, the Gold price remains on the bear’s radar despite the latest corrective bounce.
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