Gold Price move negative below 1830.00

17 thg 1, 2022

Gold price move negative below 1830.00 but bullish pressure still alive. Price failed to clear the $1,830 resistance and corrected lower against the US Dollar. The price broke the $1,820 support level to move into a short-term negative zone. With the RSI fluctuating within the bullish territory and the MACD standing above its signal and zero lines, the bias is skewed more to the upside than to the downside. Also, the progressing bullish cross between the shorter and longer-term simple moving averages (SMAs) is raising hopes for trend improvement in the market. But a confirmation signal could only come above the 1,830 bar, where the tentative descending trendline drawn from the record top of 2,079 is currently intersecting the 23.6% Fibonacci retracement of the latest up leg (1,680 – 1,877).