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Chart of the day: Gold price eyes $4,200 breakout, but buyers still face two major hurdles

<p class="text-align-justify" style="text-align: justify;">Gold buyers are making another attempt to decisively get above the $4,200 level to start the new week. The precious metal touched a high of $4,217 earlier in Asia trading but is now trickling back lower to the figure level again, which has been <a href="https://investinglive.com/commodities/chart-of-the-day-gold-price-rebounds-as-treasury-yields-retreat-but-4-200-remains-a-hurdle/" rel="follow">a key point of contention</a> since last week already.</p><p class="text-align-justify" style="text-align: justify;">The region around $4,200-20 has been causing quite a bit of frustration for buyers, so I wouldn't say that gold has convinced of any break to the upside just yet. Having said that, there are at least some encouraging signs for buyers since the end of last week.</p><p class="text-align-justify" style="text-align: justify;">Looking at the hourly chart, gold had managed to climb above both its 100-hour (red line) and 200-hour (blue line) moving averages on Friday and is sticking with that for now. That is a welcome development for buyers, especially after having struggled to build any real momentum in recent weeks. So, the price move here suggests that the near-term technical picture is at least looking more constructive. However, there is still some work to be done.</p><p class="text-align-justify" style="text-align: justify;"></p><p class="text-align-justify" style="text-align: justify;">Despite the near-term bias siding with buyers now, they are still unable to really shake off the $4,200 level. Besides that, they have to also contend with swing region resistance closer to $4,220. That has been a stumbling block for any upside pushes so far this month, so getting past that would offer a stronger signal that buyers are attempting a stronger recovery.</p><p class="text-align-justify" style="text-align: justify;">But even then, the daily chart presents another challenge not too far away.</p><p class="text-align-justify" style="text-align: justify;"></p><p class="text-align-justify" style="text-align: justify;">The 100-day moving average (red line) around $4,256 remains a key technical hurdle to any upside momentum. Unless buyers can also firmly break above that, I will be hesitant to suggest that the rebound in gold since the end of last week has much legs to run.</p><p class="text-align-justify" style="text-align: justify;">On the flip side though, another rejection around $4,200-20 could see sellers step back into the picture with more confidence. That will turn back the focus on the key hourly moving averages around $4,148-56 next before potentially eyeing the supportive region around $4,100-17 from the end September and early October lows.</p><p class="text-align-justify" style="text-align: justify;">For now, getting above $4,200 is the first step that buyers need to take to establish some footing. However, getting past $4,220 and $4,256 is where the real test begins.</p><p class="text-align-justify" style="text-align: justify;"></p> This article was written by Justin Low at investinglive.com.

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