- Gold showed some resilience below 200-hour SMA and managed to regain some positive traction on Wednesday amid reviving safe-haven demand.
- The precious metal, for now, seems to have snapped three consecutive days of losing streak and moved back closer to the $1427-28 congestion zone.
With technical indicators on hourly/daily charts holding in the positive territory, a follow-through move beyond weekly tops – around the $1430 region, will set the stage for the resumption of the prior bullish trend.
Above the mentioned barrier, the commodity seems all set to surpass the $1437-38 intermediate resistance and test $1445-46 supply zone before aiming back towards challenging multi-year tops – around the $1450 region.
Alternatively, failure near the current resistance zone might continue to attract some dip-buying interest and help limit the downside near the $1414 strong horizontal support – tested last Thursday and on Tuesday.
Failure to defend the mentioned support might prompt some aggressive technical selling and turn the commodity vulnerable to accelerate the slide further towards retesting the key $1400 psychological mark.
Gold 1-hourly chart
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