Gold price picks up bids inside an eight-day-old bullish channel, recently nearing the resistance line, amid overbought RSI (14). That said, a convergence of the stated channel’s upper line and the 50% Fibonacci retracement (Fibo.) of June-July downside, near $1,780, appears a tough nut to crack for the XAU/USD bulls considering the RSI conditions.
Even if the yellow metal manages to cross the $1,780 hurdle the 61.8% Fibonacci retracement level and July’s peak, respectively near $1,804 and $1,815, could challenge the gold buyers.
Meanwhile, pullback moves could retest the 200-SMA level surrounding $1,767 before declining towards the one-month-old horizontal support line near $1,753-52.
Also acting as strong support is the convergence of the 50-SMA and lower line of the aforementioned bullish channel, near $1,736.
Even if the yellow metal manages to cross the $1,780 hurdle the 61.8% Fibonacci retracement level and July’s peak, respectively near $1,804 and $1,815, could challenge the gold buyers.
Meanwhile, pullback moves could retest the 200-SMA level surrounding $1,767 before declining towards the one-month-old horizontal support line near $1,753-52.
Also acting as strong support is the convergence of the 50-SMA and lower line of the aforementioned bullish channel, near $1,736.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.