Gold experienced a sluggish start this Tuesday, opening below the critical resistance level of $1,923. Despite the recent price weakness, XAU/USD continues to trade within Monday's range. The precious metal is consolidating its correction from a three-week high of $1,933, with selling pressure persisting below the important 100-day Moving Average (DMA) at $1,923.
Immediate support was evident at yesterday's low of $1,908, below which the confluence of a round figure and the flat 50-DMA at $1,900 will be tested.
If the 50-DMA fails to hold, Gold's retracement could extend to the 21-DMA at $1,880. However, with the 14-day Relative Strength Index (RSI) comfortably above the midpoint, gold buyers might find bargain prices.
As long as the strong support level at $1,900 remains intact, Gold is forecasted to target the significant 200-DMA at $1,930. Prior to that, the 100-DMA at $1,923 will pose downside challenges. Furthermore, retesting the three-week high of $1,933 is possible, aiming for the highest level since September 20 at $1,947.
Stay tuned for further market updates as gold enthusiasts closely monitor these key price levels.
Immediate support was evident at yesterday's low of $1,908, below which the confluence of a round figure and the flat 50-DMA at $1,900 will be tested.
If the 50-DMA fails to hold, Gold's retracement could extend to the 21-DMA at $1,880. However, with the 14-day Relative Strength Index (RSI) comfortably above the midpoint, gold buyers might find bargain prices.
As long as the strong support level at $1,900 remains intact, Gold is forecasted to target the significant 200-DMA at $1,930. Prior to that, the 100-DMA at $1,923 will pose downside challenges. Furthermore, retesting the three-week high of $1,933 is possible, aiming for the highest level since September 20 at $1,947.
Stay tuned for further market updates as gold enthusiasts closely monitor these key price levels.
