The drop in gold prices on Wednesday was attributed to reduced open interest and volume, indicating that a significant decline is not expected in the short term. However, there is strong resistance around the key price level of $1800 per troy ounce at present.
Although there has been a recent uptick in the price of gold, buyers are facing a challenge from a descending resistance line at around $1850. Additionally, the bearish MACD signals and RSI (14), although not oversold, cast doubt on the likelihood of further gains.
Even if gold prices do manage to surpass the $1850 level, there are potential obstacles in the form of the 50-day moving average at $1862 and a prior support line from late November 2022, which could test the buyers before they gain control.
Alternatively, sellers of gold may wait for a clear breakdown of the two-month-old horizontal support area at around $1820 before seeking to exert their influence. If that were to occur, the bears could face tests at the $1800 and $1750 levels before reaching the late November 2022 swing low of approximately $1720.
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