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- Gold Price Forecast: XAUUSD’s road to recovery could be capped by critical resistance around $1,650
Gold Price Forecast: XAUUSD’s road to recovery could be capped by critical resistance around $1,650
Gold is printing the biggest daily gains in two weeks. However, the risks are still tilted to the downside as long as the yellow metal trades below the critical resistance zone at $1,650, FXStreet’s Dhwani Mehta reports.
Gold price remains vulnerable as the daily RSI still stays below 50
“With the 14-day Relative Strength Index (RSI) lurking below the 50.00 level, risks to the downside remain intact unless the bright metal seeks a daily close above the critical resistance zone around $1,650. That area is the confluence of the bearish 21-Daily Moving Average (DMA) and the falling trendline (triangle) resistance.”
“Acceptance above $1,650 will validate a triangle breakout, initiating a fresh uptrend towards the $1,700 mark. Bulls still need to battle the descending 50DMA at $1,674 and the October 13 high of $1,683 on the renewed upside.”
“Failure to recapture the critical resistance around $1,650 would revive the downtrend, with a retest of the two-month lows inevitable. The next significant downside target will align at the $1,600 threshold.”
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