Gold price bounces off a seven-week-old ascending trend line, as well as crossing the monthly horizontal hurdle, as XAU/USD bulls approach the 200-Simple Moving Average (SMA) level surrounding $1,880.
The corrective pullback also takes clues from the oversold RSI (14). However, bearish MACD signals and the inability to cross the 200-SMA hurdle keep Gold sellers hopeful.
Even so, the metal’s fresh downside needs validation from the aforementioned support line, close to $1,860 by the press time.
On the contrary, an upside break of the 200-SMA hurdle surrounding $1,880 could direct Gold buyers toward the $1,900 threshold.
Following that, an upward-sloping resistance line from January 16, close to $1,965, as well as the March 2022 peak of around $1,966, will be crucial to watch for Gold buyers to tackle to keep the reins.
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