Gold price (XAU/SD) seesaws around $2,016 during a dull Monday, after posting the first daily loss in four and two-week uptrend.
The precious metal’s latest corrective bounce can be linked to the market’s inaction amid holidays in the UK and mixed risk catalysts. It’s worth noting that the Gold sellers remain off the table amid broad US Dollar weakness and dovish concerns surrounding the Federal Reserve (Fed), as well as a cautious mood ahead of this week’s United States inflation and bank report.
Gold price’s failure to provide a daily closing beyond a three-month-old ascending resistance line, around $2,068 by the press time, joined the overbought conditions of the Relative Strength Index (RSI) line, placed at 14, to witness a pullback on Friday.
The corrective move, however, could neither close below the 21-DMA support of $2,005 nor reverse the bullish signals from the Moving Average Convergence and Divergence (MACD) indicator.
Hence, the XAU/USD is likely to resume its run-up while targeting the previous monthly high of around $2,050 as an immediate hurdle. Following that, the stated trend line resistance can challenge the Gold buyers near $2,068 whereas highs marked in 2022 and 2020 close to $2,070 and $2,075 can act as additional upside filters before fueling the prices towards the latest peak near $2,080.
On the contrary, a daily closing below the 21-DMA support of $2,005 isn’t an open welcome for the Gold sellers as the $2,000 round figure and an upward-sloping support line from late March, around $1,985, can challenge the XAU/USD downside afterward.
It’s worth noting that the 50-DMA support of near $1,952 acts as the last defense of the Gold buyers.
Overall, Gold price grinds higher and can remain on the bull’s radar despite the latest pullback.
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