MTrading Team • 2024-08-09
Gold buyers take a breather above 100-SMA, focus on $2,450
Gold's recent strong performance suggests a positive sentiment among buyers, especially with its breakout above the 100-SMA and supportive RSI and MACD indicators. This technical strength points to a potential push towards the $2,450 resistance level, with further challenges anticipated at around $2,470 from a mid-July trend line, and additional resistance at $2,495 and $2,500.
On the downside, sellers will need a break below the 100-SMA, currently around $2,411, to gain momentum. Such a move could test the $2,400 mark, with further support levels at $2,383 and $2,350.
In summary, while Gold is currently on the buyers' radar, the upcoming resistance levels may cap the upside potential.
