Despite posting modest increases near the intraday high near $1,818 by press time, the gold price (XAU/USD) mirrors the lethargic market circumstances throughout early Friday.
The cause could be attributed to the end-of-year holiday spirit, a light calendar, as well as conflicting stories regarding recent significant risk drivers.
Bulls take a break as the gold price approaches a three-day-old resistance line while the RSI (14) is almost overbought and the MACD is showing slow indications.
As a result, the yellow metal is well-positioned to overcome the current trend line barrier, which is located at $1,818, while aiming for the several obstacles close to $1,825 and the monthly top of $1,834.
Notably, the bullion’s successful trading beyond $1,834 won’t hold back from challenging June’s peak close to $1,880. Pullback moves, on the other hand, demand confirmation. from the $1,800 cutoff and the $1,805 200-HMA support to persuade Gold sellers.
However, a two-week-old ascending support line, which was around $1,795 at the time of publication, may pose a problem for the XAU/USD bears.
