Gold faced its second rejection in two weeks around the wall of $1,867 despite inching to a one-month high of $1,874 on Friday, with the price retreating to the $1,850 territory in the aftermath.
The RSI and the MACD intimate some scepticism as they keep fluctuating in the bearish area. That said, they both preserve an upward direction, while the price itself maintains a soft advance above its 20- and 200-day simple moving averages (SMAs), suggesting that the bulls may not give up yet.
The $1,842 – $1,836 zone, which encapsulates the tentative ascending trendline drawn from $1,786 and the 23.6% Fibonacci retreatment of the downleg from $1,998, could prevent any downfalls towards the $1,808 – $1,798 area. If selling pressures snap the latter, the precious metal may diminish towards the three-month low of $1,786 and the resistance-turned-support line.
In the positive scenario, where the ceiling of $1,867 and the 38.2% Fibonacci crack, the price could immediately meet the 50-day SMA at $1,892. A successful push higher from here would add more credence to the latest rebound, likely resulting in a more exciting bull run up to the 61.8% Fibonacci of $1,931.
Summarizing, despite the persisting resistance around $1,867, gold could make another attempt to resume its bullish momentum in the near term.
