Technical Analysis – Gold remains bullish but positive impetus runs low on fuel – Investing.com

Technical Analysis – Gold remains bullish but positive impetus runs low on fuel – Investing.com

The rising 50-day simple moving average (SMA) and its near completion of a bullish crossover of the 100-day SMA could help resuscitate bullish impetus.

The calming in the Ichimoku lines is indicating a small pause in positive sentiment, while the short-term oscillators, which are suggesting that bullish momentum is resilient, are favouring the upside. The MACD, some distance in the positive region, is standing above its red trigger line, while the RSI is persisting in overbought territory. Moreover, the stochastic oscillator's recently regained positive charge is promoting improvements in the commodity's price.

If buying interest intensifies, upside constraints may originate from gold's recent uptick to a 4½-month high of 1,913, before a transitional zone of resistance emanates around the 1,931 level. Successfully steering past these obstacles could then bring the crucial resistance section of 1,960-1,974 into play. Should buyers navigate past this durable barrier too, they could then propel the price towards the September 2020 high of 1,992.