- There is an observation that if the Gold price falls, it is likely to find support in the $1,835-$1,833 region. This area is identified as a multi-day-old trading range resistance breakpoint.
- If the price convincingly breaks below the $1,833 level, it could indicate that the recent corrective bounce has come to an end. This may lead the Gold price to the $1,820 support level, with the potential to reach a multi-month low around $1,810.
- The occurrence of a death cross on the daily chart is noted, where the 50-day Simple Moving Average (SMA) is well below the 200-day SMA. This is considered a bearish signal, and further selling could be expected.
- On the bullish side, buyers may wait for the Gold price to sustain strength beyond the $1,865 level.
- The next relevant resistance level is located near $1,885, followed by the psychological round figure of $1,900, which is close to the 50-day SMA. This level is seen as a key pivotal point.
- A continuation of buying interest beyond these levels could suggest that the Gold price has potentially formed a near-term bottom and may aim for testing the 200-day SMA, situated around the $1,928-$1,930 region.
This analysis provides both bearish and bullish scenarios for Gold prices, along with support and resistance levels. The mention of the death cross serves as a cautionary signal for bullish traders. This analysis can be valuable for traders and investors looking to make informed decisions in the Gold market, but it’s important to consider other factors, market sentiment, and economic events as well when making trading decisions.