Gold Price remains within a monthly bearish channel, recently bouncing off the support line surrounding $1,905.
It’s worth noting, however, that the XAU/USD’s sustained trading below the 200-Exponential Moving Average (EMA) and looming bear cross on the Moving Average Convergence and Divergence (MACD) indicator keeps the Gold sellers hopeful.
Even so, the below 50.0 conditions of the Relative Strength Index (RSI) line, placed at 14, suggests bottom-picking of the Gold Price near the $1,900 round figure, if at all the XAU/USD bears manage to defy the stated channel formation with a downside break of $1,905 support.
Hence, the Gold bears need validation from the $1,900 threshold to retake control.
On the contrary, a convergence of the aforementioned descending trend channel’s top line and the 200-EMA, close to $1,955 at the latest, appears a tough nut to crack for Gold buyers. That said, an eight-day-old descending resistance line, close to $1,930 at the latest, restricts the immediate upside of the Gold Price.
XAUUSD SELL 1920 - 1922 💯💯
✅ TP1 1915
✅ TP2 1910
✅ TP3 1905
🛑 SL 1928
It’s worth noting, however, that the XAU/USD’s sustained trading below the 200-Exponential Moving Average (EMA) and looming bear cross on the Moving Average Convergence and Divergence (MACD) indicator keeps the Gold sellers hopeful.
Even so, the below 50.0 conditions of the Relative Strength Index (RSI) line, placed at 14, suggests bottom-picking of the Gold Price near the $1,900 round figure, if at all the XAU/USD bears manage to defy the stated channel formation with a downside break of $1,905 support.
Hence, the Gold bears need validation from the $1,900 threshold to retake control.
On the contrary, a convergence of the aforementioned descending trend channel’s top line and the 200-EMA, close to $1,955 at the latest, appears a tough nut to crack for Gold buyers. That said, an eight-day-old descending resistance line, close to $1,930 at the latest, restricts the immediate upside of the Gold Price.
XAUUSD SELL 1920 - 1922 💯💯
✅ TP1 1915
✅ TP2 1910
✅ TP3 1905
🛑 SL 1928
