Gold fee is treading water close to two-week highs. XAU/USD may want to see greater beneficial properties as the indispensable 21-Daily Moving Average (DMA) at $1,680 is reclaimed and the Relative Strength Index (RSI) flips bullish, FXStreet’s Dhwani Mehta reports.
Has the tide grew to become in opposition to XAU/USD bears?
“Gold charge defied the bearish odds and jumped above the descending 21 DMA at $1,680, closing Monday above that level. This has affirmed a bullish bias, mainly after the 14-day RSI swung into nice territory for the first time on account that August 16.”
“Bulls want to clear each day highs to undertaking the flattish 50 DMA at $1,724. Ahead of that, the September 14 excessive at $1,707 ought to take a look at bearish commitments.”
“On the downside, the 21 DMA is viewed as imperative support, under which the rising trendline assist at $1,667 will provide some cushion to bulls. Further down, the $1,660 assist region will be a difficult nut to crack for bears.”