As markets prepare for the holiday season, the gold price (XAU/USD) grinds higher at the intraday high of $1,820, reversing the previous day’s fall from a one-week high.
The recent drop in the US Dollar amid mixed catalysts and pre-data nervousness could also help the metal price. The gold price has remained firmer around the recent double high above $1,825.
It should be noticed that the practically overbought RSI (14) and the MACD’s fading positive bias challenge the purchasers. As a result, the metal’s further upside is dependent on a clean breach of $1,825, which may set off a run-up to $1,875.
Following that, the June top near $1,880 may pose a hurdle to gold purchasers.
Alternatively, XAU/USD sellers are staying away from the market unless there is a breakout. a definite negative breach of the $1,790 support confluence, which includes the 100-day simple moving average and a one-month-old ascending trend line.
The preceding weekly low and monthly bottom, both around $1,775 and $1,765, also operate as downside filters.
