GOLD Golden strategy for the new day

GOLD Gold buyers appear to have found a temporary support at the July 12 low of $1932 at the moment. But the gold sellers are likely to regain equilibrium, sending the rate back to the static support seen around $1925.

Additional declines will challenge the early-July lows around the $1910 region.

Additionally, Gold buyers will find an immediate upside barrier at the 50 DMA of $1945, above which stiff resistance near $1952 will come into play. That supply zone is at the confluence of triangle support and a slightly bullish 21 DMA.

Acceptance above the latter could trigger a meaningful bounce to the flat 100 DMA at $1,969.