Gold faces a wall of resistance near $1,970…
The short-term technical outlook for Gold price remains almost unchanged, with choppy trading likely to continue so long as Gold price remains between the two key Daily Moving Averages (DMA), the 21 and the 100, now at $1,974 and $1,941 respectively.
The 21 and 50 DMA Bear Cross and the bearish 14-day Relative Strength Index (RSI) remain in play and keep Gold sellers hopeful.
Gold bears need to crack the 100 DMA support to refuel the correction toward the March 17 low of $1,918. Ahead of that, the previous week’s low at $1,932 could offer strong support to Gold bulls.
On the flip side, the Gold price recovery could gain traction only on a sustained break above the downward-pointing 21 DMA at $1,974, above which the flattish 50 DMA at $1,991 could be challenged.
The next relevant upside target for Gold buyers is envisioned at the $2,000 psychological level.
Waynewins
