From a short-term technical perspective, nothing seems to have changed for Gold price, as a correction from a seven-month trough remains on the table.
The 14-day Relative Strength Index (RSI) indicator stays heavily oversold, justifying a case for a Gold price rebound anytime soon.
Should Gold price stage a decent comeback the initial support-turned-resistance at the $1,850 level will be challenged. The next upside barrier is aligned at the September 28 and 29 highs of $1,880 on the road to recovery.
However, if Gold buyers fail to find a strong foothold above the $1,850 mark, the downtrend could gather steam once again. Gold price will need to crack the previous day’s low of $1,815 to tale on the crucial support at the $1,810 level, where the March 8 low is registered.
The $1,800 threshold will be the level to beat for Gold sellers.
The 100-Daily Moving Average (DMA) is looking to cross the 200 DMA from above, suggesting that any pullback in Gold price from multi-month lows could prove temporary.
Welcome to the TradingView community. Good work on your first analysis. Refer this for guidance. tradingview.com/support/solutions/43000603748-how-to-post-awesome-ideas-and-get-lots-of-likes/
Welcome to the TradingView community. Good work on your first analysis.
Refer this for guidance. tradingview.com/support/solutions/43000603748-how-to-post-awesome-ideas-and-get-lots-of-likes/
regards,
Vanathi