After falling to a three-week low early in the session, gold futures are poised to settle higher late Wednesday. When the market challenged the upper end of a key retracement zone, shorts likely covered and fresh buyers may have come in. Profit-taking and position-squaring ahead of what might be a lengthy holiday weekend in the United States contributed to the move.
The support rests at 1791.96 with resistance at 1793.96. The pivot point at 1793.08 and the price is moving around it. The EMA of 10 is moving in a slight bullish bias in the descendant channel and it crossed the EMA of 200 and the EMA of 100. Stochastic is moving in the high ranges. The RSI is moving under the level of 50 and the ADX is not showing a clear signal. The MACD histogram is in positive territory with a buy signal.

• There is resistance at 1793.96, followed by resistance at 1795.08 and 1795.96.
• There is support at 1791.96, Below, there is 1791.08 and 1789.96.

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.

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