Gold price is gathering strength to take on the eight-month top at $1,880, as the uptrend remains well in place this Tuesday.
Having pulled back on Monday, Gold price is awaiting a fresh catalyst to earn acceptance above the multi-month peak of $1,880. The next stop for Gold bulls is seen at the $1,900 threshold, above which doors will open up toward the May 2022 high at $1,910.
The 14-day Relative Strength Index (RSI) is sitting just beneath the overbought territory, suggesting that there is more room to the upside.
Meanwhile, the upward-sloping 50-Daily Moving Average (DMA) has pierced through the flattish 200DMA for the upside. If the 50DMA closes Tuesday above the 200DMA, it would confirm a Golden Cross and strengthen the near-term bullish bias for Gold price.
On rejection at the $1,880 level, Gold sellers could fight back control, prompting a corrective pullback toward the previous day’s low at $1,865. Further declines will challenge the $1,850 psychological level, below which a sell-off toward the bullish 21DMA at $1,819 cannot be ruled out.
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