XAU/USD Forecast
Immediate support is now visible at the horizontal 200-day SMA at $1,935, below which the confluence of the 50-day and 100-day SMAs around $1,925 will come into play. Daily closes below this level would initiate a new downward trend towards the January 16th low of $908.
In an attempt to recover, gold buyers have reclaimed the 21-day SMA at $1,964 on a sustainable basis. The next related resistance barrier is seen at the triangle reversal support line at $1,987. Furthermore, Monday's peak at $1,993 will be challenged.
In an attempt to recover, gold buyers have reclaimed the 21-day SMA at $1,964 on a sustainable basis. The next related resistance barrier is seen at the triangle reversal support line at $1,987. Furthermore, Monday's peak at $1,993 will be challenged.
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