Gold Price Analysis: Gold price (Yellow Metal) is consolidating slightly beneath its latest high of 1,952 after renewed positive traction from its recent 1,890 trough. The soaring simple moving averages (SMAs) are safeguarding the one-month bullish picture in the precious metal.
The climbing red Tenkan-sen line looks set to complete a positive overlap of the flattened blue Kijun-sen line, which would indicate that bullish forces are intensifying. That said, an upturn in the blue Kijun-sen line would offer additional credence for positive developments in the commodity. Currently, the short-term oscillators are conveying mixed messages in directional momentum. The MACD, in the positive region, is some distance above its red trigger line, while the stochastic oscillator has turned bearish, promoting a price pullback. Meanwhile, the RSI is hovering in bullish territory.
If bullish pressures strengthen, resistance could commence around the 1,950 nearby high. However, should the positive scenario persist, buyers may then meet the 1,959-1,966 resistance band shaped by the rally peaks in November 2020 and January 2021, before confronting the near 18-month high of 1,974. Successfully conquering the one-and-a-half year high may encourage buyers to aim for a zone of resistance between the September 2020 high of 1,993 and the 2,000 handle.
Alternatively, if the positive forces continue to wane, prompt support could transpire from the converged Ichimoku lines at 1,926, which are located around the cloud’s upper band. Slipping further, the 1,918 inside swing high could delay the test of the floor of the cloud, which is in line with the 50-period SMA at 1,909. A price retreat beneath the cloud, which ignores the 1,900 mark as well, could signal growing negative forces that may target the 1,891 trough before pursuing the 1,878-1,886 significant support border.
Summarizing, gold’s bullish bias should remain intact if the price holds north of the $1,914 barrier and the SMAs, and an initial climb above 1,952 could nurture optimism in the yellow metal. Yet, for bearish forces to trigger worries about the positive structure, the price would need to retrace beneath the $1,890——$1,840 key base.
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4 thoughts on “Gold Price Analysis: Below 1908 Gold Target $1890——$1840 Very Very Soon”
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