Gold price pierces a one-week-old descending resistance line as it approaches the 50-bar Simple Moving Average (SMA) of around $2,003 amid bullish signals from the Moving Average Convergence and Divergence (MACD) indicator. Also favoring the XAU/USD buyers is the steady Relative Strength Index (RSI) line, placed at 14.
With this, the bullion appears well set for further upside and can well aim for the monthly high of around $2,049.
On the contrary, Gold sellers need validation from a five-week-old ascending support line, around $1,980 by the press time, to retake controls.
Following that, the 200-bar SMA level of around $1,966 and the late March low surrounding $1,935 may gain the XAU/USD bear’s attention.
It’s worth noting that the XAU/USD weakness past $1,935 can quickly drag the quote towards the 61.8% Fibonacci retracement of its March-April upside, near the $1,900 threshold.
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