Gold price remains on the bull’s radar, despite the latest pullback from the Year-To-Date (YTD) high as the quote remains well-above the previous resistance line from August 2020, breached the last week.
Adding strength to the bullish bias could be the price-positive signals from the Moving Average Convergence and Divergence (MACD) signals.
It’s worthn noting that the Relative Strenght Index (RSI), placed at 14, flashes overnbought signals and hence suggest a pullback in the Gold price.
That said, the XAU/USD retreat remains elusive unless the commodity remains firmer past the resistance-turned-trend line, currently around $1,948.
Even if the quote Gold price remains weak past $1,948, the 100-week Simple Moving Average (SMA) level surrounding $1,815 appears the last defense of the XAU/USD buyers.
Alternatively, a sustained trading beyond the $2,000 psychological magnet could given comform to the bulls in dominating the momentum.
Folowing that, the tops marked during the year 2020 and 2022, around $2070-75 appear the key upside hurdles for the Gold buyers to watch during the metal’s further advances.
In a case where the XAU/USD remains firmer past $2,075 hurdle and renews the record high, the 61.8% Fibonacci Expansion (FE) of the Gold price movement between August 2018 and September 2022, near $2,180, will be in focus.
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