Gold seesaws near key hurdles to the north
Gold prices brace for the biggest weekly jump in three as it stays around the highest levels since mid-August. However, the metal still has some strong resistance ahead before offering a free ride to the bulls. Among them, a 5.5-month-old horizontal resistance area surrounding $1,805 gain major attention as RSI (14) approaches the overbought territory. Should the bullion prices remain firmer past $1,805, the 78.6% Fibonacci retracement level of June-September downside near $1,821 can act as a validation point for the rally targeting the mid-June swing high near $1,859 and then to the June’s peak of $1,879.
Meanwhile, pullback moves remain invalid unless the gold price remains beyond the 61.8% Fibonacci retracement level surrounding $1,778. Following that, Monday’s high near $1,763 and 50% Fibonacci retracement level near $1,747 may test the bears ahead of highlighting the 15-week-old horizontal support zone near $1,728. It’s worth noting that the quote’s daily closing below $1,728 could invalidate the recovery hopes and recall the sellers targeting $1,700, as well as July’s trough near $1,680.
Overall, gold is likely to witness further upside as it crossed November’s peak but further upside has limited room.
Meanwhile, pullback moves remain invalid unless the gold price remains beyond the 61.8% Fibonacci retracement level surrounding $1,778. Following that, Monday’s high near $1,763 and 50% Fibonacci retracement level near $1,747 may test the bears ahead of highlighting the 15-week-old horizontal support zone near $1,728. It’s worth noting that the quote’s daily closing below $1,728 could invalidate the recovery hopes and recall the sellers targeting $1,700, as well as July’s trough near $1,680.
Overall, gold is likely to witness further upside as it crossed November’s peak but further upside has limited room.
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