Opportunity for sellers if price continues to move below 1830
Gold (XAU/USD) prices stay on the front foot near intraday high of $1820 during Tuesday’s Asian session.
The yellow metal portrayed a sluggish start to the week while marking a Doji candlestick on Monday following the two-day downside.
=> a clear upside break of the 61.8% Fibonacci retracement (Fibo.) - $1830 -1833 that become necessary for the gold buyers to retake control. Following that, the run-up could aim for around $1850 ahead of $1875.
=> Alternatively, pullback moves may aim for the 50% and 38.2% Fibo. levels, respectively near $1813 and $1,800 threshold. A convergence of the 100-DMA and an ascending support line from December 15, around $1793, becomes a strong support for the gold sellers to watch afterward.
The yellow metal portrayed a sluggish start to the week while marking a Doji candlestick on Monday following the two-day downside.
=> a clear upside break of the 61.8% Fibonacci retracement (Fibo.) - $1830 -1833 that become necessary for the gold buyers to retake control. Following that, the run-up could aim for around $1850 ahead of $1875.
=> Alternatively, pullback moves may aim for the 50% and 38.2% Fibo. levels, respectively near $1813 and $1,800 threshold. A convergence of the 100-DMA and an ascending support line from December 15, around $1793, becomes a strong support for the gold sellers to watch afterward.
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