Early on Monday, the price of gold (XAU/USD) fluctuated around $1,825 and remained almost stable as holidays in numerous markets limited the metal’s short-term movements despite the US Dollar’s recovery.
As bulls maintain control near a six-month high, the price of gold seesaws inside a bearish rising wedge chart pattern that has been present for three days.
Nevertheless, the bearish chart pattern is joined by slow MACD and RSI circumstances to put the XAU/USD purchasers under pressure.
When the $1,817 support, which makes up the lower line of the aforementioned wedge, is broken, gold sellers may therefore seek for additional downside.
In spite of this, the 200-HMA and an ascending support line from mid-December, which are located at $1,807 and $1,798, respectively, could test the downward momentum before handing the Gold bears the upper hand.
Alternatively, a breakout over the $1,828 resistance level, which forms the top line of the wedge, will defy gravity. the chart pattern that is bearish.
It should be noted that the previous monthly high near $1,835 serves as the gold bears’ final line of defense before the market moves toward the swing high in June 2022 close to $1,880.
