Gold is trading at the $1,797 level, having bounced off above the $1,788 support level. However, it should be noted that a clear downside break of the $1,788 will be a green signal for the gold bears to aim for $1,776 or $1,761.
Alternatively, the 200-DMA level surrounding $1,801 guards the quote’s immediate upside ahead of a horizontal area established from late October, surrounding $1,815. However, tops marked during July and September will challenge any further advances around $1,834.
Should the gold buyers manage to cross the $1,834 hurdle, $1,850 and November’s peak of $1,877 will gain the market’s attention. Good luck!
On Monday, the precious metal gold is trading at the 1,832 level, with a strong bullish bias. It has violated a significant triple top resistance at 1,829, and is heading towards the next target level of 1,850. On the higher side, the XAU/USD may find the next significant resistance at the 1,865 level.
The support continues to hold around the 1,829 level on the lower side, and a breakout here could lead gold towards 1,809.
On the 2-hour chart, the 50 days simple moving average is extending solid support at $1,827. Therefore, the closing of candles above this line supports an uptrend continuation. Consider taking a buy trade over the 1,829 level today. Good luck!
Nice set ups and ideas gold looking good for a steady run up. Gold is in a very vulnerable position with the current climate . I can see there is a nice area of liquidity still untouched around the 1812 but a continuation from the 1830 is good also i am set for the upside move with all the news going on and the stuff with Russia could see gold being held as the safe haven for the short term bullish run from here.
On the technical side, the precious metal, gold, is gaining support at 1,786. Currently, it is trading at 1,788, with a bearish bias. Immediate support for the precious metal remains at 1,786, and a breakout below this could open up further room for selling until 1,780 or 1,772.
The resistance remains at 1,793, and a bullish breakout at this level could lead the gold price towards the 1,800 or 1,810 mark. Consider staying bullish if the price is above 1,793, and vice versa. Good luck!
On Tuesday, gold’s technical side remained bullish at $1,822 despite weaker US labour market data. Gold has completed a 50% Fibonacci retracement at $1,818 and has breached to go after the 61.8 percent Fib level. Gold is currently trading at $1,822 per ounce and is trending upwards toward an immediate resistance level of $1,826. The next support level for gold is at 1,811, which is extended by a double bottom level.
On the bullish side, XAU/USD may face resistance at $1,822 per ounce. The uptrend can be extended by 61.8 percent Fib levels all the way to $1,826. Because the MACD is above zero, the chances of a buying trend continue to be favourable. So, if the price crosses above 1,818, consider remaining bullish, and vice versa. Best regards!
On Tuesday, XAU/USD broke through a downward trendline at $1,850, and now it’s heading towards the next resistance level of 1,876 level. On the daily timeframe, the XAU/USD has formed a “Three White Soldiers” pattern that’s supporting a strong uptrend.
On the further higher side, the breakout of 1,876 level can expose the precious metal towards 1,902 level. On the lower side, the support prevails at 1,865 and 1,852 levels. The break below 1,852 exposes the selling trend until the 1,825 level.
The leading indicators RSI and MACD are supporting a buying trend. Therefore, buy trades can be seen above 1,865 and vice versa. Good luck!
