Falling gold price creates bullish
Technically speaking, the XAU/USD maintains a bearish outlook for the short term, as per indicators on the daily chart. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are both showing weakness, standing in negative territory. In addition, the price now trades below the 20- and 100-day Simple Moving Average (SMA) with both of them about to perform a bearish cross.
The monthly low at $1,925 level stands as a key support level. If broken, the $1,915 area and psychological mark at $1,900 could come into play. Furthermore, a move above the 100-day SMA at $1,942 would suggest a continuation of the bullish trend for the yellow metal, with next resistances at the 20-day SMA at $1,953 and the $1,975 zone.
XAUUSD BUY 1936 - 1938 💯💯
✅ TP1: 1945
✅ TP2: 1950
✅ TP3: 1955
🛑 SL: 1930
The monthly low at $1,925 level stands as a key support level. If broken, the $1,915 area and psychological mark at $1,900 could come into play. Furthermore, a move above the 100-day SMA at $1,942 would suggest a continuation of the bullish trend for the yellow metal, with next resistances at the 20-day SMA at $1,953 and the $1,975 zone.
XAUUSD BUY 1936 - 1938 💯💯✅ TP1: 1945
✅ TP2: 1950
✅ TP3: 1955
🛑 SL: 1930
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