in the meantime, bets for a 25 basis points (bps) rate hike at the next FOMC meeting on July 25-26, along with a more hawkish outlook adopted by major central banks, might continue to act as a headwind for the non-yielding Gold price. Apart from this, the recent risk-on rally across the global equity markets should further contribute to capping the upside for the safe-haven precious metal. This makes it prudent to wait for strong follow-through buying before confirming that the XAU/USD has formed a near-term bottom and positioning for any meaningful appreciating move.
Gold price technical outlook
From a technical perspective, the overnight swing high, around the $1,931 area now seems to act as an immediate hurdle. This is closely followed by the 100-day Simple Moving Average (SMA), currently around the $1,942 region, which if cleared decisively might trigger a short-covering rally. The Gold price might then accelerate the recovery towards the $1,962-$1,964 hurdle en route to the $1,970-$1,972 supply zone. Some follow-through buying should allow bulls to reclaim the $2,000 psychological mark and test the $2,010-$2,012 resistance.
On the flip side, immediate support is pegged near the $1,908-$1,907 area ahead of the $1,900 round-figure mark and the multi-month low, around the $1,893-$1,892 region touched last week. A convincing break below will make the Gold price vulnerable to accelerate the downward trajectory and expose the very important 200-day Simple Moving Average (SMA), currently around the $1,860 zone.
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