Gold Price is giving back the early recovery gains, as bulls face stiff rejection just below the $1,750 barrier once again. An unexpected negative shift in risk sentiment on news that ex-Japanese Prime Minister Shinzo Abe was shot in the chest at an election campaign speech in Nara. He was immediately taken to hospital but reportedly he was showing no vital signs.
As observed on the daily chart, the recovery in gold price remains capped below $1,751, which is the 23.6% Fibonacci Retracement (Fibo) level of this week’s sell-off from $1,815 levels.
Daily closing above the latter is required to initiate any meaningful recovery from multi-month troughs of $1,732. Further up, the 38.2% Fibo level at $1,763 will challenge the bearish commitments.
Powerful resistance at $1.770 will be the next stop for XAU bulls. That level is the confluence of the psychological mark and the 50% Fibo level of the same decline.
The 14-day Relative Strength Index (RSI) is flattening while within the oversold territory.
On the downside, the $1,732 will be the initial support, below which the rising channel target at $1,722 will come into play. A sustained move below the latter will expose the $1,700 threshold.
As observed on the daily chart, the recovery in gold price remains capped below $1,751, which is the 23.6% Fibonacci Retracement (Fibo) level of this week’s sell-off from $1,815 levels.
Daily closing above the latter is required to initiate any meaningful recovery from multi-month troughs of $1,732. Further up, the 38.2% Fibo level at $1,763 will challenge the bearish commitments.
Powerful resistance at $1.770 will be the next stop for XAU bulls. That level is the confluence of the psychological mark and the 50% Fibo level of the same decline.
The 14-day Relative Strength Index (RSI) is flattening while within the oversold territory.
On the downside, the $1,732 will be the initial support, below which the rising channel target at $1,722 will come into play. A sustained move below the latter will expose the $1,700 threshold.
