Gold price is closing in on the critical 100-Daily Moving Averages (DMA) at $1,955, as buyers appear relentless after the technical indicators turned bullish earlier this week.
The 14-day Relative Strength Index (RSI) is looking north, heading toward the overbought territory while above the midline. The indicator suggests that there is more room for the upside.
Daily closing above the 100 DMA barrier at $1,955 will call for a test of the static resistance at $1,970, above which doors will open up toward the $2,000 mark.
Alternatively, any pullback in Gold price will meet initial demand at the previous day’s low of $1,935.
The 50 DMA resistance-turned-support of $1,931 could emerge as the next powerful support. Gold sellers will then target the strong support around the $1,913 level, which is the confluence of the 21 and 200 DMAs.
The 14-day Relative Strength Index (RSI) is looking north, heading toward the overbought territory while above the midline. The indicator suggests that there is more room for the upside.
Daily closing above the 100 DMA barrier at $1,955 will call for a test of the static resistance at $1,970, above which doors will open up toward the $2,000 mark.
Alternatively, any pullback in Gold price will meet initial demand at the previous day’s low of $1,935.
The 50 DMA resistance-turned-support of $1,931 could emerge as the next powerful support. Gold sellers will then target the strong support around the $1,913 level, which is the confluence of the 21 and 200 DMAs.