Gold price portrays a Bullish Pennant chart pattern on the daily formation, currently between $1,958 and $1,995. The same suggests the XAU/USD buyer’s preparations for the next leg towards the north.
The upside bias also takes clues from the Moving Average Convergence and Divergence (MACD) indicator’s bullish signal, as well as the firmer Relative Strength Index (RSI) line, placed at 14. It’s worth noting, however, that the RSI line tilts towards the south while the MACD suggests easing bullish bias.
As a result, the Gold buyers need a strong push towards the north to cross the $1,995 hurdle, which in turn favors the metal’s theoretical target surrounding the two-month-old ascending resistance line, around $2,025 by the press time.
On an immediate basis, the 10-DMA level surrounding $1,971 acts as a nearby resistance.
Alternatively, a downside break of $1,958 will defy the bullish chart formation and can quickly direct the Gold sellers toward $1,910, a break of which can push the XAU/USD price to the early February high of near $1,890.
Above all, the Gold price remains firmer unless staying beyond the 100-DMA support of $1,850.
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