Gold is threatening to break over resistance in the $1,845 area now, which aligns with the 200-day mov avg. (blue). A close above $1,845, or better yet $1,850, this week opens the door for gold to retrace back to the $1,880 area – its 50-day mov avg. (orange). A failure would keep the bears in control.
Notice the confluence of resistance building at $1,880-85 with the downward trend line starting back at the March 2022 high ready to intersect the 50 dma as price approaches; an obvious spot for profit taking should the trade play out.
