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XAU/USD 27/07: New day strategy

FX:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD The 14-day relative strength index (RSI) heads north above the midline while the sloping 21 DMA is set to cross the 50 DMA to the upside, suggesting Bull Cross.

Technical indicators still favor Gold buyers in the near term.

On the downside, immediate support awaits at the intraday low of $1970, below which the 100 DMA of $1966 will come into play. A sustained break below the latter will expose the confluence of a flat 50 DMA and a bullish 21 DMA at around $1,947.

A fresh pullback will be driven below the latter, with Gold sellers poised to challenge the $1,940 round figure afterwards.

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