Gold's Acceptance Above $2,050
Gold set a new all-time high this week at $2,144.48 in a strong rally on Monday, and XAU/USD spent the rest of the week trading above $2,000 after easing from Monday's opening surge. The focus now turns to the US NFP data to provide new directional momentum. Observing the daily chart, Gold has established higher lows after a volatile trading session on Monday, indicating more opportunities for a new uptrend.
The 14-day Relative Strength Index (RSI) above the midline supports the potential for Gold's upward movement.
Gold buyers need to find acceptance above the $2,050 region to make further progress towards the $2,100 level.
New buying opportunities will emerge above this level, targeting the all-time high of $2,144.
On the flip side, immediate support is seen at Tuesday's low of $2,009, below which the $2,000 level will be a crucial test for trend-following traders. At that level, the 21-day Simple Moving Average (SMA) will align.
The next downside cushion is identified around the round number of $1,980.
The 14-day Relative Strength Index (RSI) above the midline supports the potential for Gold's upward movement.
Gold buyers need to find acceptance above the $2,050 region to make further progress towards the $2,100 level.
New buying opportunities will emerge above this level, targeting the all-time high of $2,144.
On the flip side, immediate support is seen at Tuesday's low of $2,009, below which the $2,000 level will be a crucial test for trend-following traders. At that level, the 21-day Simple Moving Average (SMA) will align.
The next downside cushion is identified around the round number of $1,980.
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