Gold needs to break $1,980 support for short-term downside
Gold price grinds lower between a three-month-old ascending resistance line and an upward-sloping trend line from late March. That said, the quote recently bounced off a convergence of the 21-day EMA and an upward-sloping support line from March 22, close to 
1,980, which in turn suggests the commodity’s further recovery towards the 
2,020 immediate hurdle. However, nearly overbought RSI and nearness to the aforementioned multi-month-old resistance line, currently around 2,045, could challenge the XAUUSD bulls.
Meanwhile, a downside break of the1,980 support confluence could quickly drag the Gold price toward February’s high of around 1,960. Following that, 50% and 61.8% Fibonacci retracement of its late November 2022 to early April 2023 upside, near 1,890 and 1,853 in that order, could test the Gold sellers. It’s worth noting that the XAUUSD remains on the buyer’s radar unless it offers a daily closing below the 200-day EMA level of around 1,845.
Overall, the Gold price is likely to grind higher unless breaking the1,845 level. That said, a downside break of 1,980 can trigger the metal’s short-term fall.
1,980, which in turn suggests the commodity’s further recovery towards the 2,020 immediate hurdle. However, nearly overbought RSI and nearness to the aforementioned multi-month-old resistance line, currently around 2,045, could challenge the XAUUSD bulls. Meanwhile, a downside break of the
1,980 support confluence could quickly drag the Gold price toward February’s high of around 1,960. Following that, 50% and 61.8% Fibonacci retracement of its late November 2022 to early April 2023 upside, near 1,890 and 1,853 in that order, could test the Gold sellers. It’s worth noting that the XAUUSD remains on the buyer’s radar unless it offers a daily closing below the 200-day EMA level of around 1,845.Overall, the Gold price is likely to grind higher unless breaking the
1,845 level. That said, a downside break of 1,980 can trigger the metal’s short-term fall.
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