XAUUSD price broke below $1,644, 23.6% Fibonacci Retracement (Fibo) level of the October decline from the $1,730 peak.
Therefore, bears keep their sight on the October low at $1,617, below which the focus remains on the 2022 low at $1,615.
The 14-day Relative Strength Index (RSI) is inching higher while below the 50.00 level, suggesting that the rebound is likely to remain short-lived.
On the upside, the immediate resistance is seen at the abovementioned 23.6% Fibo level, above which taking out the $1,650 psychological level will be critical to unleashing the additional recovery.
The confluence of the bearish 21-Daily Moving Average (DMA) and the 38.2% Fibo level at around $1,662 will be a tough nut to crack for bulls.
Overall, gold price action is likely to remain sideways, as investors will turn cautious heading into the all-important Fed rate hike decision.
Therefore, bears keep their sight on the October low at $1,617, below which the focus remains on the 2022 low at $1,615.
The 14-day Relative Strength Index (RSI) is inching higher while below the 50.00 level, suggesting that the rebound is likely to remain short-lived.
On the upside, the immediate resistance is seen at the abovementioned 23.6% Fibo level, above which taking out the $1,650 psychological level will be critical to unleashing the additional recovery.
The confluence of the bearish 21-Daily Moving Average (DMA) and the 38.2% Fibo level at around $1,662 will be a tough nut to crack for bulls.
Overall, gold price action is likely to remain sideways, as investors will turn cautious heading into the all-important Fed rate hike decision.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.