Gold Price Forecast: Neutral to Bullish Trends Emerging
Updated
Technical analysis of the daily chart indicates a outlook ranging from neutral to bullish for XAU/USD, suggesting a decrease in the upward momentum as the metal seems to be readjusting its overbought conditions after touching the $2,000 mark last week.
With a relatively flat slope above the midline, the Relative Strength Index (RSI) suggests a period of stability within the positive territory, while the Moving Average Convergence Divergence (MACD) displays weakening green bars. Additionally, the pair is above the 20, 100, and 200-day Simple Moving Averages (SMA), indicating that the bearish camp is struggling to challenge the overall upward trend.
Support Levels: $1,970, $1,950, $1,930.
Resistance Levels: $2,000, $2,015, $2,030.
With a relatively flat slope above the midline, the Relative Strength Index (RSI) suggests a period of stability within the positive territory, while the Moving Average Convergence Divergence (MACD) displays weakening green bars. Additionally, the pair is above the 20, 100, and 200-day Simple Moving Averages (SMA), indicating that the bearish camp is struggling to challenge the overall upward trend.
Support Levels: $1,970, $1,950, $1,930.
Resistance Levels: $2,000, $2,015, $2,030.
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