Gold price (XAU/USD) seesaws around $1,938 as bulls take a breather inside a bearish chart pattern during early Wednesday. In doing so, the bright metal depicts the market’s mixed feelings amid downbeat data from the United States, as well as the cautious mood ahead of the next week’s Federal Reserve (Fed) meeting. Even so, the US Dollar weakness and optimism surrounding Europe, as well as China, appears to favor the XAU/USD bulls.
Despite the mildly bid performance of late, the Gold price stays inside a one-week-old rising wedge bearish chart pattern. The bearish bias also gains support from the Relative Strength Index (RSI) line, placed at 14, as well as the mixed signals from the Moving Average Convergence and Divergence (MACD) indicator.
As a result, the XAU/USD is likely to grind higher unless staying between $1,944 and $1,916 levels. However, the oscillators, namely the RSI and MACD, tease the bears and hence a downside break of $1,916 could gain more response than the otherwise conditions.
In that case, a one-month-old ascending trend line and the 100-Simple Moving Average (SMA), respectively near $1,896 and $1,890, will be crucial to watch before expecting the Gold price downside toward the theoretical target of $1,870.
On the flip side, a successful break of $1,944 will defy the bearish chart pattern and could propel the XAU/USD toward March 2022 peak surrounding $1,966.
Should the Gold buyers keep the reins past $1,966, the odds of witnessing the $2,000 on the chart can’t be ruled out.
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