Gold teased bears earlier in the week by defying the bullish channel but the follow-on bounce off the $1,934-36 zone renewed buying interest in the yellow metal. However, a clear upside break of $2,000 becomes necessary for the XAUUSD buyers for conviction. Also acting as an upside filter is the aforementioned channel’s lower line, close to $2,011 at the latest. Following that, a run-up toward the previous yearly high of around $2,070 can’t be ruled out.
Meanwhile, a one-week-old horizontal support zone near $1,934-36 puts a floor under the Gold price, a break of which could quickly recall the $1,900 threshold on the chart. However, a convergence of the 200-EMA and six-week-old horizontal region surrounding $1,890-85 appears a tough nut to crack for the bears. Should the bears keep the reins past $1,895, the early-month swing high of near $1,854 can flash on their radars.
Overall, the Gold price may keep grinding higher as promising oscillators join the metal’s hesitance in declining.
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Kapil-Mittal
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👏Great analysis! It's interesting to see how the gold market is behaving, and your insights provide a clear understanding of the current situation. It's reassuring to know that a horizontal support zone near $1,934-36 is providing a floor for the gold price. However, it's crucial to keep an eye on the $2,000 mark, as a clear upside break is necessary for buyers to gain conviction. The fact that promising oscillators are joining the metal's hesitance in declining also suggests that the gold price may continue to grind higher. Overall, your analysis is well-supported and informative. Keep up the good work! 👍
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Thank you for your valuable contribution to the TradingView community and keep up the good work!