Technical Analysis: Gold keeps positive momentum between the key SMAs
Despite failing to cross 100-stick SMA during the last week, Gold prices stay mildly bid beyond 50% Fibonacci retracement of its July 16 to August 07 upside, which in turn increases the odds of another confrontation to $1,971 nearby resistance. In a case where the bulls remain positive beyond $1971, $1,985 and $2,000 will be on their radars ahead of targeting to refresh the record high near $2,075.
Meanwhile, 50% and 61.8% Fibonacci retracement levels, respectively around $1,930 and $1,901, could entertain the sellers during the fresh downside before challenging them by 200-stick SMA level of $1,888. While the bullion's south-run past-$1,888 becomes less expected, the monthly bottom near $1,862 will be in the spotlight.