Gold Price Analysis: XAU/USD bulls to have a bumpy road ahead, $1,765 in focus

  • Gold prices probe two-day winning streak despite recent bounces off $1,747.81.
  • May month high holds the key to further upside towards two-month-old resistance line.
  • Sellers are less likely to enter unless breaking an ascending trend line from March 20.

Gold traders recover the latest losses while revisiting the day-start levels around 1,755 during the pre-European session on Tuesday. The bullion refreshed the monthly high the previous day. However, failures to cross the May month’s top push the sellers to search for opportunities to enter.

While $1,731 may offer immediate support to the precious metal during its fresh weakness, a confluence of 50-day SMA and a three-month-long rising trend line, around $1,718/17, becomes the key level to watch.

If at all the safe-haven slips below $1,717 daily, $1,700 and the monthly low near $1,670 will pop-up on the bears’ radars.

On the other hand, a successful rise past-$1,765 enables the bull to aim for a rising trend line from April 14, at $1,785 now, ahead of looking at the late-2012 top near $1,795/96.

In a case where the bulls refrain from respecting the $1,796 and hold the throne beyond $1,800 threshold, an upward sloping trend line from September 2019, near $1,808, will add bumps to the metal’s run-up.

Gold daily chart

Trend: Pullback expected

ADDITIONAL IMPORTANT LEVELS

OVERVIEW
Today last price 1754.86
Today Daily Change -0.13
Today Daily Change % -0.01%
Today daily open 1754.99
TRENDS
Daily SMA20 1722.3
Daily SMA50 1717.7
Daily SMA100 1659.88
Daily SMA200 1581.42
LEVELS
Previous Daily High 1763.22
Previous Daily Low 1742.97
Previous Weekly High 1745.46
Previous Weekly Low 1704.28
Previous Monthly High 1765.38
Previous Monthly Low 1670.72
Daily Fibonacci 38.2% 1755.48
Daily Fibonacci 61.8% 1750.71
Daily Pivot Point S1 1744.23
Daily Pivot Point S2 1733.48
Daily Pivot Point S3 1723.98
Daily Pivot Point R1 1764.48
Daily Pivot Point R2 1773.98
Daily Pivot Point R3 1784.73


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