from a technical perspective, any subsequent move up is likely to confront some resistance near the $2,015 level. Some follow-through buying should allow the Gold price to test the 50-day SMA, currently around the $2,030 region. The latter should act as a key pivotal point, which if cleared decisively will set the stage for additional gains beyond the $2,044-2,045 intermediate hurdle, towards the $2,065 supply zone.
On the flip side, the 100-day SMA, currently around the $1,992-1,991 area, could act as immediate support ahead of the $1,984 region, or a two-month low touched on Wednesday. This is followed by the very important 200-day SMA, currently pegged near the $1,965 area, which if broken decisively will be seen as a fresh trigger for bearish trades. The Gold price might then accelerate the fall towards an intermediate support near the $1,952-1,950 zone en route to the November 2023 low, around the $1,932-1,931 region.
On the flip side, the 100-day SMA, currently around the $1,992-1,991 area, could act as immediate support ahead of the $1,984 region, or a two-month low touched on Wednesday. This is followed by the very important 200-day SMA, currently pegged near the $1,965 area, which if broken decisively will be seen as a fresh trigger for bearish trades. The Gold price might then accelerate the fall towards an intermediate support near the $1,952-1,950 zone en route to the November 2023 low, around the $1,932-1,931 region.