Gold’s rally higher has stalled around the 200-day moving average (DMA) at $1810 for now. Moves higher are still viewed as corrective only while the yellow metal remains below the $1835 region, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.
XAU/USD is oscillating around 200-DMA at $1810
“Gold has spent the past week consolidating around the 200-DMA at $1810. Dips back from here are indicated to remain shallow and should be contained ideally by $1781.”
“While above $1750, the 29th June low it will remain neutral to positive.”
“Key resistance is the mid-July high at $1834, and the 55-week ma at $1835.41, a move above here is needed to retest the $1856/57 4th June low and the $1871 2020-2021 downtrend.”
“Below $1750, support is found at $1679.80/$1677.83, and is reinforced by the $1670 June 2020 low.”
“Below $1670, XAU/USD would target the 2018-2021 uptrend at $1589.”
“The downtrend at $1871 guards the $1816.91 June high.”