Gold Price Focus on Key Resistance Zone
The World Gold Council (WGC) is pointing to an important gold price level after recent market fluctuations. The gold price has been correcting itself over the past week, but still remains above its 55-day moving average at around $4,273 USD/ounce.
This support zone is also where the precious metal's price tested and maintained in the daily spot gold price chart. According to WGC's technical analysis, if this threshold holds, it opens up possibilities for the market to continue testing higher resistance zones.
The first resistance zone for gold is currently at $4,443 USD/ounce, with a subsequent zone at $4,511 USD/ounce before heading towards the 200-day moving average at around $4,541 USD/ounce. A closing session exceeding this average is necessary for the short-term trend to become more positive.