A clear upside break of a downward-sloping trend line from early February allowed the Gold price to extend the run-up towards crossing the 200-bar Simple Moving Average (SMA).
The XAU/USD run-up also took clues from the bullish signals from the Moving Average Convergence and Divergence (MACD) indicator. However, the overbought conditions of the Relative Strength Index (RSI) line, placed at 14, triggered the quote’s pullback from the support-turned-resistance line from January 17, close to $1,915.
Even so, the XAU/USD pullback remains elusive unless dropping back below the 200-SMA level of near $1,860.
That said, a one-month-old previous resistance line, close to $1,847, precedes the 50-SMA of around $1,840 and an upward-sloping trend line from late February, near $1,812, to act as the final defenses of the Gold buyers.
Overall, Gold price occupies a notable space on the bull’s radar as markets brace for the key United States inflation data.
On the flip side, the Gold price upside past the $1,915 immediate hurdle increases the odds of witnessing an extended rise toward January’s peak surrounding $1,960.
Overall, Gold price occupies a notable space on the bull’s radar as markets brace for the key United States inflation data.
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