Gold experienced a sharp decline after trading sideways for the last two weeks. Although the precious metal has managed to bounce back in the last few four-hour sessions, the 200-period simple moving average (SMA) and the lower boundary of the Ichimoku cloud are capping its upside.
The momentum indicators suggest that the near-term bias is turning cautiously positive. Specifically, the stochastic oscillator is marching higher in the overbought region, while the MACD histogram is currently below zero but above its red signal line.
Should buying interest intensify further and the price slice through both is 50- and 200-period SMAs, initial resistance could be encountered at the 1,945 barrier. Further upside moves could stall at the recent high of 1,965 before the price ascends towards the 2,010 hurdle. Conquering the latter barricade, the bulls could aim for 2,052, a level which the price has failed to close above multiple times in March.
On the flipside, bearish actions could send the price to test the 1,910 obstacle. Piercing through this region, the March low of 1,890 could appear on the radar. Should that floor collapse, the price may descend towards the February resistance region of 1,878.
Overall, even though gold has staged a minor near-term rebound, both its short- and medium-term pictures remain bearish. Therefore, only a profound jump beyond the 1,965 ceiling could alter its short-term structure back to positive.
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