Thu, Jun 01, 2023 @ 02:02 GMT
HomeContributorsTechnical AnalysisGold Bulls Take a Breather After 1-year High Above 2,000

Gold Bulls Take a Breather After 1-year High Above 2,000

Gold struggled to jump above the immediate resistance of 1,985, keeping its footing above the short-term simple moving averages (SMAs) in the 4-hour chart.

Trend signals remain daunting as regards the market momentum. Some downside correction seems to be building as the RSI has paused its uptrend in the positive area and the stochastics are flattening in the overbought region.

Should the bulls dominate, driving the price above the 1,985 number, the spotlight will shift to the one-month high of 2,009 ahead of the 2,070 obstacle, taken from the peak in March 2022.

In the event the bears take control, the 20-period SMA at 1,964 will come first into view. A violation at this point may see another challenging battle around the 50-period SMA, which is currently near the 1,934 support. If sellers claim that zone this time, the 1,907 barrier could immediately add some downside pressure.

In brief, gold continues to send upward trend signals, the odds for an upturn seem to be growing, with the confirmation expected to come above 1,985.
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