The price of gold has been range bound between 1,780 and 1,800 since August 16. This once steady support level was shattered in a surprising move yesterday. Currently, gold doesn’t seem to be showing any indications of a technical recovery. The price is quite likely to have an upward trend, which will provide a buying opportunity. This could mean that there is a technical rebound on the horizon.
The support rests at 1761.81 with resistance at 1763.51. The pivot point at 1762.88 and the price is moving around. The EMA of 10 is moving horizontally in the descendant channel and it is below EMA of 200 and the EMA of 100, but showing an upward trend. Stochastic is moving in high ranges. The RSI is moving toward the level of 70 and the ADX is showing a horizontal momentum. The MACD histogram is in positive territory and a crossover buy signal is generated.

• There is resistance at 1763.51, followed by resistance at 1764.58 and 1765.21.
• There is support at 1761.81, Below, there is 1761.18 and 1760.11.

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.