Gold price fades the previous day’s bounce off a one-month-old ascending support line, taking rounds to the 50-Simple Moving Average (SMA) level surrounding $1,928 by the press time.
Although the receding bearish bias of the MACD and multiple bounces off the aforementioned support line defends the XAU/USD buyers. Steady RSI (14) and recently sluggish momentum teases Gold sellers of late.
That said, a clear downside break of the stated support line, close to $1,920 by the press time, appears necessary for the Gold sellers to take entry.
Following that, the $1,900 threshold and the January 18 swing low near $1,896 could lure the XAU/USD bears.
Alternatively, Gold buyers need to cross the one-week-old horizontal hurdle around $1,945 to retake control.
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