XAU/USD remains on the defensive amid reviving US Dollar demand...
From a technical perspective, the $1,933-$1,935 region might continue to act as an immediate strong barrier ahead of the 100-day Simple Moving Average (SMA), currently around the $1,948-$1,949 region. A sustained strength beyond the latter might trigger a short-covering rally and lift the Gold price to the $1,962-$1,964 area en route to the $1,970-$1,972 supply zone. The momentum could get extended further, allowing bulls to reclaim the $2,000 psychological mark and testing the $2,010-$2,012 resistance.
On the flip side, the $1,910 area now seems to protect the immediate downside ahead of the $1,900 mark and the multi-month low, around the $1,893-$1,892 region touched in June. A convincing break below the latter will make the Gold price vulnerable to accelerate the downward trajectory towards the very important 200-day Simple Moving Average (SMA), currently around the $1,866-$1,865 zone. The latter should act as a pivotal point, which if broken will be seen as a fresh trigger for bearish traders.
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