Gold Selling Zone 23~ May2023
Gold Selling Zone 1973. 1980. 1992. 2017. 2037. 2055.
Technical Overview
From a technical perspective, some follow-through selling below the $1,950 region will be seen as a fresh trigger for bearish traders and expose the 100-day Simple Moving Average (SMA), currently pegged near the $1,931 zone. Failure to defend the said support will make the Gold price vulnerable to accelerate the slide further towards testing the $1,900 round-figure mark.
On the flip side, the ongoing recovery back above the $1,970 horizontal support breakpoint is more likely to attract fresh sellers near the $1,982-$1,984 region. This, in turn, should cap Gold price near the $2,000 psychological mark. That said, a sustained strength beyond could lift the XAU/USD towards the next relevant hurdle near the $2,011-$2,012 region.
Fundamental Overview
Gold price remains under some selling pressure for the second successive day on Tuesday and drops back closer to its lowest level since early April during the early European session. The XAU/USD currently trades around the $1,960 area, down over 0.60% for the day, and is pressured by a modest US Dollar (USD) strength.
Technical Overview
From a technical perspective, some follow-through selling below the $1,950 region will be seen as a fresh trigger for bearish traders and expose the 100-day Simple Moving Average (SMA), currently pegged near the $1,931 zone. Failure to defend the said support will make the Gold price vulnerable to accelerate the slide further towards testing the $1,900 round-figure mark.
On the flip side, the ongoing recovery back above the $1,970 horizontal support breakpoint is more likely to attract fresh sellers near the $1,982-$1,984 region. This, in turn, should cap Gold price near the $2,000 psychological mark. That said, a sustained strength beyond could lift the XAU/USD towards the next relevant hurdle near the $2,011-$2,012 region.
Fundamental Overview
Gold price remains under some selling pressure for the second successive day on Tuesday and drops back closer to its lowest level since early April during the early European session. The XAU/USD currently trades around the $1,960 area, down over 0.60% for the day, and is pressured by a modest US Dollar (USD) strength.
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