Gold price struggles to recall the buyers after confirming the one-month-old rising wedge bearish chart pattern. In doing so, the yellow metal bounces off the weekly low after declining the most since December 05 the previous day.
However, a convergence of the 10-Day Moving Average (DMA) and the previous support line of the aforementioned wedge, around $1,788, challenges the XAU/USD bulls of late.
Even if the bullion manages to cross the $1,788 hurdle, the $1,800 threshold and a horizontal line comprising tops marked in August and early December, near $1,810, may restrict the precious metal’s further upside.
Alternatively, the late November swing high near $1,763 and October’s high, near $1,730, could lure short-term Gold sellers during the theoretically anticipated fall toward the $1,690 level.
It should be noted that the bearish MACD signals and steady RSI (14) also keep Gold sellers hopeful.
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