The gold market has experienced significant fluctuations, with its highest price at $2015.02 and a low of $1980.90. This low coincides with the previous low from last Monday's trade at $1981.20, creating a double bottom at that level, and subsequently increasing its significance. Moving forward, a break below this level could result in increased selling pressure, while staying above it may offer some hope for debt buyers, though more work is needed.
Examining the hourly chart, today's high price was confined within the 200-hour and 100-hour bands. The 200-hour moving average is at $2012.85, and the 100-hour moving average is at $2016.93. For the bullish bias to strengthen, the price needs to rise above these two moving averages, up to $2016.93. Prices within these levels maintain the ongoing technical battle.
If the $1981 level were to be broken with momentum, the short-to-intermediate-term trend would likely shift downward. However, given that today's support held against last week's low, and considering the visible upward movement on the hourly chart, buyers might still have the upper hand in the intermediate term. This situation forces sellers to demonstrate their ability to cause further declines. The battle between buyers and sellers continues.
