MCX Gold Mini All Target Hit: It has finally happened – Gold has staged a convincing break above the $1,800, hitting a high of $1,814.58 at the time of writing. Falling US Treasury yields have prompted investors to buy gold, and cascading stop-losses have also been attributed to the upswing in the price of the precious metal.
MCX Gold Mini All Target Hit
How is gold positioned on the technical charts? Examining clusters of support and resistance lines can help provide answers.
The Technical Confluences Detector is pointing to showing that the next resistance line is at around $1,824, which is where the Pivot Point one-week Resistance 3 hits the gold price chart.
The next substantial hurdle for Gold awaits at $1,842, which is the convergence of the 200-day Simple Moving Average and the Pivot Point one-month Resistance 2.+
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Initial support is at around $1,810, which is where the PP one-month R1, the PP one-day R3 and the Fibonacci 161.8% one-week all meet up on the gold price chart.
A more significant cushion is at $1,800, which is a juncture including the previous monthly high, the 100-day SMA, and the PP one-day R2.
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(By Neal Bhai Reports / Gold Silver Reports)
