Gold prices are moving sideways within the 1,760 support level and the flat 200-day simple moving averages (SMAs) in the short-term.
The commodity is still finding strong resistance at the 1,800 handle and the technical indicators are suggesting a neutral-to-positive bias at the moment. The RSI indicator is pointing upwards in the negative region, while the MACD is trying to overcome its trigger line.
In the positive scenario where the precious metal snaps the 200-day SMA at 1,793 and closes above the 1,800 psychological mark, the next target would be the 1,814 resistance. Running higher, the bulls will need to rise towards the recent peak of 1,877.
Should the 1,760 support crack, the price could initially test the 1,723 level before heading towards the 1,676 low.
In the medium-term, gold is maintaining a neutral trend, resting between 1,916-1,676.In a nutshell, even though gold has held up above 1,760, it hasn’t shown any clear signs that it is going to move up. This means it is still vulnerable to downturns. A fall below the boundary could push the price to 1,723.
