Gold Price Forecast: Bulls recovered the 20 and 200-day SMA jumping to $1,923


  • XAU/USD tallied 0.60% daily gains and jumped to a daily high of $1,930, then settled at $1,923.
  • Bulls quickly recovered the 20 and 200-day SMAs at the $1,920 area after losing them at the beginning of the week.
  • Indicators point to a bullish resurgence.


At the end of the week, the Gold Spot price will close a weekly gain, recovering losses, which took the price to a weekly low of $1,900 and closing above $1,920.

Based on the daily chart, the XAU/USD exhibits a bullish outlook for the short term. Both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) show signs of the buyers recovering and stan in positive territory, with the RSI jumping back above its midline and showing a northward slope. The MACD is also displaying green bars, indicating a strengthening bullish momentum. Additionally, on the four-hour chart, the price jumped above the 20,100 and 200 Simple Moving Averages (SMA) and their indicators also gained significant momentum. 

However, on the larger time frame,  the spot is well below the 100-day SMA, which suggests that the buyers still have some work to do to confirm a recovery.

Support levels: $1,923 - $1,920 (200 and 20-day SMA), $1,910, $1,900.  

Resistance levels: $1,930,$1,940, $1,950 (100-day SMA).

XAU/USD Daily Chart
 

XAU/USD

Overview
Today last price 1923.6
Today Daily Change 12.81
Today Daily Change % 0.67
Today daily open 1910.79
 
Trends
Daily SMA20 1919.22
Daily SMA50 1931.85
Daily SMA100 1947.57
Daily SMA200 1921.54
 
Levels
Previous Daily High 1912.95
Previous Daily Low 1901.07
Previous Weekly High 1946.35
Previous Weekly Low 1915.33
Previous Monthly High 1966.08
Previous Monthly Low 1884.85
Daily Fibonacci 38.2% 1908.41
Daily Fibonacci 61.8% 1905.61
Daily Pivot Point S1 1903.59
Daily Pivot Point S2 1896.39
Daily Pivot Point S3 1891.71
Daily Pivot Point R1 1915.47
Daily Pivot Point R2 1920.15
Daily Pivot Point R3 1927.35

 

 

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