Gold Price Analysis: Gold’s Recovery Face Bumpy Road Ahead

Gold Price Analysis: Gold price managed to defend the critical rising trendline support at $1765, despite a brief dip below it, as the bulls found fresh bids at the horizontal 21-Daily Moving Average (DMA) at $1760. Although gold rebounds towards the key $1795 barrier, downside risks remain intact.

Gold Price Analysis: Gold’s Recovery Face Bumpy Road

Gold Price Analysis: The broader market sentiment and the yields’ price action will be closely watched for placing fresh bets on gold price. On the road to recovery, gold is likely to face immediate resistance at the horizontal 50-DMA at $1778.

A sustained move above the latter could call for a retest of the 100 and 200-DMAs confluence zone at $1795. However, an impending bear cross, with the 100-DMA set to cut the 200-DMA from above, warrants caution for gold bulls.

If the 21-DMA support at $1760 gives way convincingly, then the previous week’s demand area at $1750-$1745 would be back into play. Further south, the multi-week lows of $1722 could be on the sellers’ radars.

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Gold Price Analysis: Gold’s Recovery Face Bumpy Road Ahead via @marketinvestor
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