Gold
The price of gold has retreated from the $2,000 mark and is currently testing the $1,949 support level. This decline was anticipated as the RSI and Stochastic indicators were in the overbought zone.
A closer look at the 4-hour chart provides a clearer picture of gold’s price action. The precious metal formed a hammer candlestick pattern at the pivot point ($1,962), and the stochastic oscillator is nearing the overbought zone, indicating a potential exit from this area. The RSI indicator remains above 50.
Considering current market data, technical indicators, and key levels, if the price can maintain above $1,949, it’s likely that the XAUUSD price will rise to R3 ($2,025).
Conversely, if bears manage to push the price below $1,949, we could see a continued decline towards the upper line of the bearish channel around $1,900.
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