XAU / USD buyers take a breather around the weekly resistance line

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  • Gold remains close to the daily highs around the $ 1,920 level.
  • Sellers will look for entries below the three-week support line.
  • The monthly high offers additional resistance for the bulls before key horizontal resistance.

Gold prices are holding near their daily highs, around the $ 1,920 region, at the start of the European session on Wednesday, while maintaining their break to the upside of the 200 SMA.

Strong RSI conditions, still far from overbought levels, favor a further rise in gold prices, with the bulls being able to easily overcome the immediate hurdle at $ 1,921.

However, the monthly high near $ 1,933 may put the bulls to the test later. Should it break out of this region, gold prices could head toward the mid-September high, which also comprises multiple highs since late August, near $ 1,973 / 74.

Meanwhile, the 200-period SMA near the $ 1,912 level defends the round $ 1,900 level to challenge short-term sellers. An uptrend line from September 28, now at $ 1,897, also acts as key immediate support.

If the bears succeed in pushing the price below that level, the current month’s low near $ 1,873 could regain the market’s attention.

Gold 4 hour chart



Credits: Forex Street

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