Technical Analysis: Two-month-old resistance line probes Gold bulls around $1925

Technical Analysis: Two-month-old resistance line probes Gold bulls around $1925

Although the upside break of 200-bar SMA keeps the gold buyers happy near a one-week high, the easing of RSI may play its role to trigger the quote's pullback around a falling trend line from August 18, at $1,924. In a case where the precious metal crosses the key hurdle, odds of which are fewer, 50% Fibonacci retracement and the monthly high can question further upside near $1,932/33. Also acting as the key upside barriers are the 61.8% Fibonacci retracement level of $1,952 and the mid-September high close to $1,973/74.

On the downside, a clear break of 200-bar SMA, at $1,913 now, will direct the sellers towards the $1,900 round-figure. Though, a horizontal area including October 07 low and the late-September highs between $1,877 and $1,873, could restrict the metal's further declines. If at all the gold sellers dominate past-$1,873, the September month's low of $1,847.82 will pop-up on their radars.

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