Gold broke below the daily range, dropping to $2,010 after the optimistic US job report. While XAU/USD attempted a recovery to $2,020, rising US bond yields triggered another price decline. Observing the daily chart, Gold formed higher lows after a volatile Monday session, indicating potential for a new uptrend.
The Relative Strength Index (RSI) in 14 days is higher than the midpoint, supporting Gold's potential for upward movement.
Gold buyers need to find acceptance above the $2,050 region for further progress towards $2,100.
New buying opportunities may emerge above this level, aiming for the all-time high of $2,144.
On the flip side, immediate support is seen at $2,009, and below this, the $2,000 level poses a significant test for trend-following traders. At this level, the 21-day Simple Moving Average (SMA) will align.
The next downside price cushion is identified around the round figure of $1,980.
The Relative Strength Index (RSI) in 14 days is higher than the midpoint, supporting Gold's potential for upward movement.
Gold buyers need to find acceptance above the $2,050 region for further progress towards $2,100.
New buying opportunities may emerge above this level, aiming for the all-time high of $2,144.
On the flip side, immediate support is seen at $2,009, and below this, the $2,000 level poses a significant test for trend-following traders. At this level, the 21-day Simple Moving Average (SMA) will align.
The next downside price cushion is identified around the round figure of $1,980.
