Technical Analysis – Gold pulls back after touching 2,000
October 23, 2023 7:31 amVideo
Latest News
- Forecast for EUR/USD on April 19, 2024 April 19, 2024
- Forecast for GBP/USD on April 19, 2024 April 19, 2024
- Forecast for USD/JPY on April 19, 2024 April 19, 2024
- Technical Analysis of Intraday Price Movement of Litecoin Cryptocurrency, Friday April 19 2024. April 19, 2024
- Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 19 2024. April 19, 2024
- Michelle Bowman reiterated Jerome Powell’s opinion April 19, 2024
- The ECB has finally made up its mind April 19, 2024
- The dollar is in control April 19, 2024
- Analysis of the GBP/USD pair on April 18, 2024 April 18, 2024
- Analysis for EUR/USD pair on April 18th. Dull ending to a dull week April 18, 2024
- USD/JPY: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- EUR/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: trading plan for the US session on April 18th (analysis of morning deals) April 18, 2024
- Trading Signals for EUR/USD for April 18-20, 2024: buy above 1.0641 (21 SMA – 2/8 Murray) April 18, 2024
- Bitcoin slides ahead of halving event – Crypto News April 18, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 18-20, 2024: buy above $62,500 or $63,037 (4/8 Murray – rebound) April 18, 2024
- GBP/USD. April 18th. Andrew Bailey did not clarify the situation on QE April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 18-20, 2024: buy above $2,375 (6/8 Murray – 21 SMA) April 18, 2024
- Technical Analysis – Netflix stock moves within narrow range ahead of earnings April 18, 2024
Gold surges to a 5-month high on geopolitical tensions
Retreats slightly before claiming the 2,000 psychological mark
Momentum indicators suggest overbought conditions
Gold has been in a steep uptrend after bouncing off its October low, jumping back above crucial technical regions such as the 200-day simple moving average (SMA) and posting a fresh five-month peak of 1,997. However, bullion experienced a minor correction due to reaching overbought levels.
Should buying interest persist, the July peak of 1,987 could initially curb bullion’s upside. Conquering this barricade, the bulls might aim at the 1,997-2,000 range that is defined by the recent five-month high and the crucial psychological mark. A break above that territory could bring the April resistance of 2,032 under examination.
On the flipside, bearish actions could send the price lower to test the February high of 1,959, which could now act as support. Sliding beneath that floor, gold could challenge the June hurdle of 1,932 that overlaps with the 200-day SMA. Should that barricade also fail, the spotlight could turn to the September support of 1,901, which also held strong in June.
All in all, gold seems to be under relentless upside pressure, which has pushed the price in overbought levels. Although the short-term oscillators are hinting that the advance is overstretched, fresh geopolitical concerns may add more fuel to the latest rally.
Related Posts: