Signals and analysis
XAUUSD
Gold price managed to settle Tuesday above the descending trendline resistance, then at 1,890$, as it moved away from multi-month troughs. Gold buyers now need acceptance above the 1,900$ round figure to take on the upward-sloping 200-Daily Moving Average (DMA) at 1,909$.
A sustained move above the 200 DMA barrier will open doors for a test of the 1,920$ round figure.
The 14-day Relative Strength Index (RSI) is inching higher but stays below the 50 level, limiting the upside attempts in Gold price.
On the downside, the immediate support is seen at the abovementioned descending trendline resistance-turned-support, now at 1,885$, below which a test of the 1,870$ static support will be on the cards.
XAUUSD
Gold price managed to settle Tuesday above the descending trendline resistance, then at 1,890$, as it moved away from multi-month troughs. Gold buyers now need acceptance above the 1,900$ round figure to take on the upward-sloping 200-Daily Moving Average (DMA) at 1,909$.
A sustained move above the 200 DMA barrier will open doors for a test of the 1,920$ round figure.
The 14-day Relative Strength Index (RSI) is inching higher but stays below the 50 level, limiting the upside attempts in Gold price.
On the downside, the immediate support is seen at the abovementioned descending trendline resistance-turned-support, now at 1,885$, below which a test of the 1,870$ static support will be on the cards.
Stoploss : 1920
Take Profit 1 : 1906
Take Profit 2 : 1902
Take Profit 3 : 1890