Technical Analysis – Gold fails to leave 1800 level in the dust; upside shaky | investing.com – Investing.com

Technical Analysis – Gold fails to leave 1800 level in the dust; upside shaky | investing.com – Investing.com

The simple moving averages (SMAs) are overall on a horizontal trajectory and are converging, endorsing a more neutral price demeanour.

The Ichimoku lines are showing that bullish pressures have not fully disappeared, while the short-term oscillators are reflecting an increase in positive momentum. The MACD is making additional progress above its red trigger line nudging into the positive region, while the RSI is improving in bullish territory. The upbeat stochastic oscillator is promoting an upwards drive in the commodity.

If the price closes above the 1,800 barrier, nearby upside hindrance could stem from the resistance belt of 1,809-1,814. Overstepping the highs from September 14 and October 22 that form this obstacle, buyers may jump to challenge the ceiling of 1,828-1,834 that has kept the commodity consolidating since mid-July. Triumphing over this reinforced border, the price could then meet the resistance boundary of 1,844-1,855.