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