Gold Price Analysis: 200-bar EMA probes XAU/USD buyers above $1,900

Gold prices struggle to keep the previous day’s recovery moves.
12-day-old falling trend line adds to the upside barrier.
Sellers may refrain from entries unless breaking an ascending support line from September 28.

Anil Panchal FXStreet

Gold takes rounds to $1,910 while heading into Tuesday’s European session. In doing so, the bullion resists in extending Monday’s run-up beyond the $1,900 threshold as 200-bar EMA questions the bulls.

Even if the precious metal buyers manage to conquer the $1,914.80 immediate resistance, a downward sloping trend line from September 18, at $1,932 now, becomes the key to break.

While the recently improving RSI conditions suggest further upside of the yellow metal, buyers will have to cross the tough nuts to regain controls above $1,932.

Alternatively, sellers may also not be too lucky unless breaking a short-term ascending support line near $1,892. Though, their happiness to revisit the $1,900 mark can’t be ruled out.

Should gold bears manage to dominate past-$1,892, the September 24 high close to $1,877 and the previous month’s bottom surrounding $1,848 may return to the charts.

Gold four-hour chart

Trend: Pullback expected

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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