Illustration photo of Gold Price H4 Chart from fxstreet.com
Earlier today gold dropped 0.08% to $1917.75 intraday. Sellers of the precious metal are looking for further favors as it took a u-turn from a short-term falling resistance line.
This results in a confluence of a 10-day SMA and rising trend line from December 1, 2020 at around $1905 with market attention gains during normal RSI conditions.
However, any further downside past $1905 will require validation from the $1900 round figure to revisit the $1875 early December top.
If there are any recovery moves, the $1950 can be tested ahead of the declared resistance lines near $1958. An acting upside barrier is the November top of around $1965 as well.
There is a gradual recovery for gold prices but it favors a short-term decline from the recent key resistance pullback amid normal RSI conditions.
FOLLOWME XAU/USD Overall Sentiment (As of 11:20 a.m., Jan 7, 2021)
Short - 51.53%
Long - 48.47%