The price of Gold successfully regained its important 200-Daily Moving Average (DMA) at $1,930 when considering daily closing prices. However, it was unable to surpass the $1,950 level on Wednesday.
Nonetheless, there is a bias towards the upside for Gold because the 14-day Relative Strength Index (RSI) indicator remains significantly above the midline.
The next obstacle in an upward direction can be found at the high point of $1,972 reached on July 31st. If this level is surpassed, then we can expect a challenge to reach the high point of $1,982 achieved on July 27th.
In case buyers of Gold manage to establish themselves above that level mentioned earlier ($1,982), it is not out of reach for them to aim for testing the high point recorded on July 20th at $1,988.
However, if once again rejected above the psychologically significant level of $1.950 per ounce by sellers of Gold; their attention will return to focus on resistance-turned-support provided by DMA-200 ($1930).
In terms of support levels available for buyers; they can rely upon DMA-100 ($1922). And if all else fails then Tuesday's low point established at a price tag equivalent to or lower than Tuesday’s low-point ($1912) will serve as their last line of defense against further downward movement.
Nonetheless, there is a bias towards the upside for Gold because the 14-day Relative Strength Index (RSI) indicator remains significantly above the midline.
The next obstacle in an upward direction can be found at the high point of $1,972 reached on July 31st. If this level is surpassed, then we can expect a challenge to reach the high point of $1,982 achieved on July 27th.
In case buyers of Gold manage to establish themselves above that level mentioned earlier ($1,982), it is not out of reach for them to aim for testing the high point recorded on July 20th at $1,988.
However, if once again rejected above the psychologically significant level of $1.950 per ounce by sellers of Gold; their attention will return to focus on resistance-turned-support provided by DMA-200 ($1930).
In terms of support levels available for buyers; they can rely upon DMA-100 ($1922). And if all else fails then Tuesday's low point established at a price tag equivalent to or lower than Tuesday’s low-point ($1912) will serve as their last line of defense against further downward movement.
