Gold Price is replicating the recovery moves seen in Asia on Monday, although the critical 200-Daily Moving Average (DMA) at $1,844 remains a tough nut to crack, FXStreet’s Dhwani Mehta reports.
XAUUSD faces a wall of resistance around $1845-$1850
“Bulls are struggling just below the 200 DMA at $1,844. The next strong resistance is seen at the mildly bearish 21 DMA at $1,847. Buying resurgence above the latter could challenge the $1,850 psychological level. Daily closing above that price zone is need to take on the recent range highs near $1,858.”
“Friday’s low of $1,834 is the level to beat for XAU bears, below which a fresh downswing will kick off towards the $1,820 round level. The June 16 low of $1,816 will be next on sellers’ radars. The rising trendline support at $1,809 is the line in the sand for gold optimists.”