Technical Analysis – Gold recovers ground after bouncing at 1,761

Gold prices are flirting with the Ichimoku cloud in the near-term after the positive move that started in the previous week from 1,761.

According to the technical indicators, the RSI is heading south in the positive region, while the MACD is trying to hold in the bullish area. The 20- and 40-period simple moving averages (SMAs) are ready to post a bullish crossover and the 200-period SMA is flattening.

If the price continues the upside structure, the next crucial level could come from the 200-period SMA, which overlaps with the 1,809 resistance. Slightly higher, the 1,815 barrier may halt the bullish actions before meeting 1,850.

On the flip side, a decline beneath the short-term SMAs could take the bears towards the immediate support of 1,772 and the 1,761 low. Below these obstacles, a lower low may take place around the 1,754-1,750 zone.

All in all, gold has been in a somewhat positive move over the last week and the bullish move may continue if the price overcomes the 200-period SMA at 1,809.

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