Gold Price Analysis: XAU/USD eyes 10-day SMA hurdle
|- Gold looks north after Tuesday's bullish marubozu candle.
- The 10-day SMA is likely to offer resistance ner $1,819.
Gold is currently trading largely unchanged on the day near $1,814 per ounce.
The yellow metal could test and possibly break above the descending 10-day Simple Moving Average (SMA) at $1,819, as Monday's bullish marubozu candle shows buyers have regained control.
A bullish marubozu occurs when buyers control the price action from the opening bell to the closing bell. More substantial gains often follow the candlestick pattern.
Acceptance above the 10-day SMA would shift the focus to the former support-turned-hurdle at $1,850. Alternatively, a failure to beat the 10-day SMA resistance would strengthen the odds of a re-test of Tuesday's low of $1,775.
Daily chart
Trend: Bullish
Technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.