Gold Prices Remain Near Weekly Lows
Gold prices declined for the third consecutive day, setting a new weekly low on Wednesday. Safe-haven demand diminished, and the looming shadow of the Fed's hawkish stance continued to weigh on the precious metal. China's economic woes might provide support for the safe-haven asset ahead of the Fed's decision. Short-term technical outlook for Gold favors buyers, with a 'buy the dip' strategy in place ahead of the Fed's decision.
The 14-day Relative Strength Index (RSI) has retreated from overbought territory, suggesting potential room for further upside.
Adding support to the bullish view, the 21-day Simple Moving Average (SMA) and the Bull Cross of the 50-day SMA are active, with the 21-day SMA also crossing above the 100-day SMA to the upside.
Therefore, additional downside moves might find robust static support around $1,963, below which the psychological level of $1,950 cannot be ruled out.
On the flip side, if Gold buyers regain control, immediate resistance will be placed around the round figure of $1,990, above which the $2,000 level will be retested.
Acceptance above the multi-month high of $2,009 is crucial to restore the uptrend towards the May peak near $2,020.
The 14-day Relative Strength Index (RSI) has retreated from overbought territory, suggesting potential room for further upside.
Adding support to the bullish view, the 21-day Simple Moving Average (SMA) and the Bull Cross of the 50-day SMA are active, with the 21-day SMA also crossing above the 100-day SMA to the upside.
Therefore, additional downside moves might find robust static support around $1,963, below which the psychological level of $1,950 cannot be ruled out.
On the flip side, if Gold buyers regain control, immediate resistance will be placed around the round figure of $1,990, above which the $2,000 level will be retested.
Acceptance above the multi-month high of $2,009 is crucial to restore the uptrend towards the May peak near $2,020.
Bài đăng liên quan
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.