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MTrading Team • 2023-03-24

Gold has smoother road towards the north

Gold has smoother road towards the north

Gold teased bears earlier in the week by defying the bullish channel but the follow-on bounce off the $1,934-36 zone renewed buying interest in the yellow metal. Even so, a clear upside break of $2,000 becomes necessary for the XAUUSD buyers for conviction. Also acting as an upside filter is the aforementioned channel’s lower line, close to $2,011 at the latest. Following that, a run-up toward the previous yearly high of around $2,070 can’t be ruled out.

Meanwhile, a one-week-old horizontal support zone near $1,934-36 puts a floor under the Gold price, a break of which could quickly recall the $1,900 threshold on the chart. However, a convergence of the 200-EMA and six-week-old horizontal region surrounding $1,890-85 appears a tough nut to crack for the bears. Should the bears keep the reins past $1,895, the early-month swing high of near $1,854 can flash on their radars.

Overall, the Gold price may keep grinding higher as promising oscillators join the metal’s hesitance in declining.

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