Technical Analysis – Gold’s rally stalls at 7-week high
Gold jumped to its highest level since May 22 last week
But fails to extend rally, trading flat in past couple of sessions
Despite latest weakness, oscillators remain positively tilted
Gold has been experiencing solid gains since late June, with the break above its 50-day simple moving average (SMA) and restrictive trendline brightening the short-term technical outlook. However, the rally seems to be on pause in the latest sessions as indicators have approached overbought conditions.
Should the advance falter, the price could reverse towards two previous resistance zones of 2,388 and 2,368, which could now serve as support. Further declines could then stall at 2,317, a region that held its ground both in June and July. Even lower, bullion might face the 2,294-2,277 range, defined by the May and June lows.
On the flipside, if the bulls propel the price even higher, immediate resistance could be found at the April high of 2,430. Surpassing that hurdle, gold might attempt to revisit its all-time high of 2,450. A violation of that zone could send the price to uncharted waters, where the 2,500 psychological mark could curb further upside moves.
In brief, gold’s rally seems to have taken a pause in the past couple of sessions, but the risks remain tilted to the upside. For that bullish sentiment to alter, the price needs to fall back below the 50-day SMA.
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