Gold Poised for Further Upside towards $2,072-$2,073 Level
From a technical standpoint, a move beyond the $2,047-$2,048 range could be considered a breakthrough, surpassing a week-long consolidation and supporting bullish sentiment. This is evident with the golden cross formation, as the 50-day Simple Moving Average (SMA) crosses above the 200-day SMA from below, enhancing the prospects for additional upside. Moreover, oscillators on the daily chart remain within positive territory, further confirming short-term bullish potential. Thus, further strength towards the next associated resistance barrier around the $2,072-$2,073 range appears to be a distinct possibility. The upward momentum may extend, allowing gold prices to reclaim the $2,100 mark.
On the flip side, weakness below the established resistance range mentioned above could pull XAU/USD back towards the $2,028-$2,027 zone en route to horizontal support near $2,017. A convincing break below this level may trigger some technical selling pressure, making gold vulnerable to a swift decline towards the psychological level of $2,000. This is closely monitored by the 50-day SMA, currently around $1,994, below which the downward trajectory may extend towards the low of the previous week, around the $1,973 region, en route to the significant technical level of the 200-day SMA, near the $1,958 zone. Gold is ready for further price gains towards the $2,072-$2,073 level.
On the flip side, weakness below the established resistance range mentioned above could pull XAU/USD back towards the $2,028-$2,027 zone en route to horizontal support near $2,017. A convincing break below this level may trigger some technical selling pressure, making gold vulnerable to a swift decline towards the psychological level of $2,000. This is closely monitored by the 50-day SMA, currently around $1,994, below which the downward trajectory may extend towards the low of the previous week, around the $1,973 region, en route to the significant technical level of the 200-day SMA, near the $1,958 zone. Gold is ready for further price gains towards the $2,072-$2,073 level.
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