A clear downside break of the three-day-old bullish channel favors Gold sellers as they approach the previous resistance line from January 09, close to $1,898 by the press time.
That said, the bearish MACD signals and downbeat RSI (14), not oversold, also keep the Gold bears hopeful.
It’s worth noting that the $1,900 threshold can act as immediate downside support while the 200-HMA level surrounding $1,878 could probe the XAU/USD bears afterward.
Alternatively, the stated channel’s lower line, close to $1,923 at the latest, restricts the immediate upside of the XAU/USD.
Following that, an ascending trend line from the last Thursday, near $1,947, could challenge the Gold buyers before directing them toward the April 2022 peak surrounding $1,998.
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