Gold experienced a significant uptick on Thursday as US bond yields declined and the US Dollar weakened. This positive momentum was further fueled by political uncertainties and economic challenges in China. However, the potential for substantial price gains in the precious metal is limited by ongoing stock market surges. Traders are following a 'buy on the dip' strategy for Gold, provided that it maintains a crucial support level at $1,963.
The 14-day Relative Strength Index (RSI) remains favorably positioned for a new uptrend, staying above the midpoint.
Additionally, the Bull Cross formation between the 21-day and 50-day Simple Moving Averages (SMA) is still active, as well as the Bull Cross between the 21-day and 100-day SMA, bolstering confidence in the potential for an uptrend.
Furthermore, the 21-day SMA is on the verge of closing above the 200-day SMA, signaling another Bull Cross
Immediate resistance is evident at the previous day's high of $1,993, with a potential retest of the $2,000 threshold beyond that.
Achieving acceptance above the multi-month high of $2,009 is crucial to re-establishing the uptrend, potentially reaching the peak observed in mid-May near $2,020.
Conversely, failure to maintain support above the robust level of $1,963 could lead to a renewed decline towards the psychological support at $1,950.
Crafting a new and distinct composition in English, ensuring no replication with existing articles.
The 14-day Relative Strength Index (RSI) remains favorably positioned for a new uptrend, staying above the midpoint.
Additionally, the Bull Cross formation between the 21-day and 50-day Simple Moving Averages (SMA) is still active, as well as the Bull Cross between the 21-day and 100-day SMA, bolstering confidence in the potential for an uptrend.
Furthermore, the 21-day SMA is on the verge of closing above the 200-day SMA, signaling another Bull Cross
Immediate resistance is evident at the previous day's high of $1,993, with a potential retest of the $2,000 threshold beyond that.
Achieving acceptance above the multi-month high of $2,009 is crucial to re-establishing the uptrend, potentially reaching the peak observed in mid-May near $2,020.
Conversely, failure to maintain support above the robust level of $1,963 could lead to a renewed decline towards the psychological support at $1,950.
Crafting a new and distinct composition in English, ensuring no replication with existing articles.
