GOLD Stop the downward trend
Analysis
GOLD
It’s worth noting, however, that the Relative Strength Index (RSI) line, placed at 14, remains below 50.0 and suggests bottom-picking, which in turn highlights the 61.8% Fibonacci retracement of the Gold Price run-up from late February to May, near $1,910.
In a case where the XAU/USD drops below $1,910, the $1,900 round figure will precede the 200-DMA surrounding $1,897 and June’s bottom of near $1,893 to challenge the further downside.
Meanwhile, the Gold Price recovery needs to provide a daily closing beyond the $1,942–45 resistance confluence comprising the 50-DMA and 50% Fibonacci retracement.
Following that, a three-month-long descending resistance line surrounding $1,960 will be crucial to watch as it holds the key to the XAU/USD’s further advances.
GOLD
It’s worth noting, however, that the Relative Strength Index (RSI) line, placed at 14, remains below 50.0 and suggests bottom-picking, which in turn highlights the 61.8% Fibonacci retracement of the Gold Price run-up from late February to May, near $1,910.
In a case where the XAU/USD drops below $1,910, the $1,900 round figure will precede the 200-DMA surrounding $1,897 and June’s bottom of near $1,893 to challenge the further downside.
Meanwhile, the Gold Price recovery needs to provide a daily closing beyond the $1,942–45 resistance confluence comprising the 50-DMA and 50% Fibonacci retracement.
Following that, a three-month-long descending resistance line surrounding $1,960 will be crucial to watch as it holds the key to the XAU/USD’s further advances.
