The short-term technical outlook for Gold price remains in favor of buyers, with a ‘dip-buying’ strategy to hold ahead of the Fed decision.
The 14-day Relative Strength Index (RSI) indicator has retreated from the overbought territory, reopening doors for more upside.
Further supporting the bullish view, the 21-day Simple Moving Average (SMA) and 50-day SMA Bull Cross remains in play while the 21-day SMA has also cut the 100-day SMA for the upside.
Therefore, additional declines are likely to find strong static support at $1,963, below which a test of the $1,950 psychological level cannot be ruled out.
On the other hand, if Gold buyers fight back control, immediate resistance is enviosned at the $1,990 round level, above which the $2,000 threshold will be retested.
Acceptance above the multi-month high of $2,009 is ciritcal to reviving the uptrend toward the mid-May high near $2,020.
The 14-day Relative Strength Index (RSI) indicator has retreated from the overbought territory, reopening doors for more upside.
Further supporting the bullish view, the 21-day Simple Moving Average (SMA) and 50-day SMA Bull Cross remains in play while the 21-day SMA has also cut the 100-day SMA for the upside.
Therefore, additional declines are likely to find strong static support at $1,963, below which a test of the $1,950 psychological level cannot be ruled out.
On the other hand, if Gold buyers fight back control, immediate resistance is enviosned at the $1,990 round level, above which the $2,000 threshold will be retested.
Acceptance above the multi-month high of $2,009 is ciritcal to reviving the uptrend toward the mid-May high near $2,020.