From a technical perspective, dip buying on Wednesday emerged after this week’s breakout through the $3,324-3,326 barrier.
Moreover, oscillators on the daily/hourly charts comfortably hold in the positive territory and suggest that the path of least resistance for gold prices is upwards. However, any subsequent up-move could face some resistance near the $3,380 region ahead of the $3,400 range or the multi-week highs touched on Tuesday.
Sustained strength above the latter should allow the XAU/USD pair to retest the all-time tops touched in April and make a fresh attempt to conquer the psychological $3,500 mark.
On the flip side, weakness below the $3,355 area might continue to attract some dip buying buyers and is likely to remain limited near the aforementioned resistance breakout point around the $3,326-3,324 region.
However, some follow-through selling could leave the commodity vulnerable to weakening further below the $3,300 level and test the $3,286-3,285 horizontal support.
Moreover, oscillators on the daily/hourly charts comfortably hold in the positive territory and suggest that the path of least resistance for gold prices is upwards. However, any subsequent up-move could face some resistance near the $3,380 region ahead of the $3,400 range or the multi-week highs touched on Tuesday.
Sustained strength above the latter should allow the XAU/USD pair to retest the all-time tops touched in April and make a fresh attempt to conquer the psychological $3,500 mark.
On the flip side, weakness below the $3,355 area might continue to attract some dip buying buyers and is likely to remain limited near the aforementioned resistance breakout point around the $3,326-3,324 region.
However, some follow-through selling could leave the commodity vulnerable to weakening further below the $3,300 level and test the $3,286-3,285 horizontal support.
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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.
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.