Tue, Jun 28, 2022 @ 23:44 GMT
HomeContributorsTechnical AnalysisGold Remains Supported But Bulls Need Break of Pivotal Barrier to Resume

Gold Remains Supported But Bulls Need Break of Pivotal Barrier to Resume

Spot gold regained traction and rose on Friday, following a shallow dip in past two days. Near-term action has established above 200DMA that adds to bullish near-term bias, however it is still ranging between 200DMA ($1839) and $1867 (Fibo 38.2% of $1998/$1786).

The metal is on track for the second consecutive bullish weekly close, inflated by weaker dollar that adds to positive near-term tone.

Formation of 10/200DMA golden-cross and rising 14-d momentum emerging into positive territory, underpin the action, but bulls need confirmation on sustained break above $1867 pivot that will signal bullish continuation and expose targets $1886/92 (100DMA / 50% retracement of $1998/$1786) and psychological $1900 barrier.

Res: 1867; 1874; 1886; 1892
Sup: 1848; 1839; 1836; 1810

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