XAUUSD POSSIBLE BULLISH
From a technical perspective, repeated failures near the $1,810-12 resistance zone and the subsequent fall on Friday suggests that the recent positive move has run out of steam. This might have already set the stage for a slide towards testing the $1,762 support area. The corrective pullback from multi-week tops could further get extended towards October monthly swing lows, around the $1,745 area.
On the flip side, any meaningful recovery now seems to confront stiff resistance near the $1,790-92 region (100/200-day SMAs confluence) and remain capped near the $1,800 mark. A sustained strength beyond could allow bulls to make a fresh attempt to clear the $1,810-12 barrier and push gold prices towards the $1,832-34 heavy supply zone
On the flip side, any meaningful recovery now seems to confront stiff resistance near the $1,790-92 region (100/200-day SMAs confluence) and remain capped near the $1,800 mark. A sustained strength beyond could allow bulls to make a fresh attempt to clear the $1,810-12 barrier and push gold prices towards the $1,832-34 heavy supply zone
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