Gold saw modest losses, hovering around $1,925 USD in early Asian trading on Monday. Market sentiment appears mixed as investors hold hopes for a potential new stimulus plan from China to boost its economy, while political tensions between Israel and Palestine remain a focal point.
A brief summary of gold prices shows a recovery from the crucial short-term 21-day moving average (DMA) at $1,878, although it hasn't closed above that level daily.
The 14-day Relative Strength Index (RSI) hovers just below the midpoint, indicating that price efforts in gold seem temporarily uncertain.
Failure to close the week above the 21 DMA at $1,878 may reinforce downward pressure, potentially pushing the new downward trend towards its recent low of $1,859 on Wednesday.
The next related support level can be seen at the psychological level of $1,850.
On the upside, reclaiming the 21 DMA on a sustained basis would confirm a price reversal from the multi-month low. Gold buyers would then target the $1,900 level, with a slight overlap with the 50 DMA.
Furthermore, the strong resistance around $1,925 may face challenges, where the 100 and 200 DMAs are closely intertwined.
A brief summary of gold prices shows a recovery from the crucial short-term 21-day moving average (DMA) at $1,878, although it hasn't closed above that level daily.
The 14-day Relative Strength Index (RSI) hovers just below the midpoint, indicating that price efforts in gold seem temporarily uncertain.
Failure to close the week above the 21 DMA at $1,878 may reinforce downward pressure, potentially pushing the new downward trend towards its recent low of $1,859 on Wednesday.
The next related support level can be seen at the psychological level of $1,850.
On the upside, reclaiming the 21 DMA on a sustained basis would confirm a price reversal from the multi-month low. Gold buyers would then target the $1,900 level, with a slight overlap with the 50 DMA.
Furthermore, the strong resistance around $1,925 may face challenges, where the 100 and 200 DMAs are closely intertwined.
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The 4h frame is on a downward trend!
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The 4h frame has progressed
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The 4h frame has very good signs of growth!
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The article is following the trend
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3 o'clock frame
