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Spot gold has to go above $1,940 in the coming week to reestablish its upside
“In the event of a recovery from the lows, the 100-day SMA of $1,942 has to be cleared, with day closing above the zone as this zone coincides with the 50% Fibonacci level,” he said. "This will help gold rise to the 50-day EMA of $1,959, which indicates buyers stepping in for a retest of the $1,975 level, coinciding with the 38.2% Fibonacci level.”
On the flip side, gold bears will be trying to approach the 50-week EMA of $1,882 and the 200-day SMA of $1,853.