Gold buyers battle 200-DMA at three-week low
Gold extends the previous day’s bounce off an ascending support line from August towards 200-DMA amid a sluggish Asian session on Thursday. The yellow metal needs to provide a daily closing beyond $1,792 to direct buyers towards October’s peak of $1,814. However, any further upside moves will be challenged by a horizontal area comprising highs marked since July near $1,834 and a yearly resistance line near $1,867.
Meanwhile, a sustained break of the stated support line, around $1,780 by the press time, won’t hesitate to direct gold sellers towards June’s low near $1,750. However, RSI conditions might turn oversold at that time and trigger a bounce, if not then October’s trough surrounding $1,721 will be in focus. Overall, gold sellers take a breather around the key support line but that doesn’t open doors for buyers. That said, market moves are likely to be restricted by the US Thanksgiving Day Holiday.
Meanwhile, a sustained break of the stated support line, around $1,780 by the press time, won’t hesitate to direct gold sellers towards June’s low near $1,750. However, RSI conditions might turn oversold at that time and trigger a bounce, if not then October’s trough surrounding $1,721 will be in focus. Overall, gold sellers take a breather around the key support line but that doesn’t open doors for buyers. That said, market moves are likely to be restricted by the US Thanksgiving Day Holiday.
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