Gold Price Analysis: XAU/USD to rise above $1800 ( short long )
old’s four-hourly chart shows that a bull-bear tug-of-war persists, as the price remains trapped between two key averages.
The XAU bulls struggle to find acceptance above the 21-simple moving average (SMA) at $1782 while the downside remains cushioned by the upward-sloping 50-SMA at $1778.
The range is getting tighter, implying that a breakout in either direction could be on the cards.
The odds of a potential upside appear higher, given that the Relative Strength Index (RSI) trades in the bullish territory, currently at 51.39.
A sustained break above 21-SMA could fuel a rally towards Friday’s high of $1796, above which the $1800 mark could be probed.
Alternatively, a four-hour candlestick closing below 50-SMA is likely to expose Monday’s low of $1768.
The XAU bears could then target the ascending 100-SMA support at $1759. The next crucial cap awaits at the $1750 psychological level.
The XAU bulls struggle to find acceptance above the 21-simple moving average (SMA) at $1782 while the downside remains cushioned by the upward-sloping 50-SMA at $1778.
The range is getting tighter, implying that a breakout in either direction could be on the cards.
The odds of a potential upside appear higher, given that the Relative Strength Index (RSI) trades in the bullish territory, currently at 51.39.
A sustained break above 21-SMA could fuel a rally towards Friday’s high of $1796, above which the $1800 mark could be probed.
Alternatively, a four-hour candlestick closing below 50-SMA is likely to expose Monday’s low of $1768.
The XAU bears could then target the ascending 100-SMA support at $1759. The next crucial cap awaits at the $1750 psychological level.