Despite successfully crossing the 200-bar Simple Moving Average (SMA), the Gold price failed to rise past a two-month-old previous support, around $1,913 by the press time.
The XAU/USD pullback also takes clues from the overbought conditions of the Relative Strength Index (RSI) line, placed at 14, as well as receding bullish signals from the Moving Average Convergence and Divergence (MACD) indicator.
It should be noted that the Gold bears have so far been struggling with the $1,900 threshold. That said, the 50% Fibonacci retracement level of the metal’s February month downturn, around $1,880, can act as an extra downside filter before directing the XAU/USD towards the 200 and 50 SMAs, respectively near $1,860 and $1,850.
On the contrary, a clear upside break of the immediate support-turned-resistance line, around $1,913, could quickly propel the Gold price towards the $1,950 hurdle that holds the key to the metal’s fresh 2023 high, currently around $1,960.
Overall, the Gold price has fewer hurdles to the north but the buyers need to re-charge their batteries for further run-up, which in turn suggests further pullback of the bullion before the next swing towards the north.
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