Gold Price Analysis: XAU/USD eases from $1,790 key hurdle
- 29th April 2021
- Posted by: Hakeem
- Category: Commodities
- Gold retreats from one-week high, stays positive for the second consecutive day.
- Sluggish momentum, strong resistance confluence test the bulls.
- Bears may find difficulty breaking the three-week-old support zone.
Gold prints a two-day winning streak despite the latest pullback from the weekly top, up 0.17% intraday around $1,784, during the pre-European trading session on Thursday.
Although the monthly support line, now resistance, joins a one-week-old falling trend line to highlight $1,790 as the key hurdle, the pair’s weakness may struggle to break the $1,763-58 support area comprising multiple levels marked since April 08.
It should, however, be noted that a clear downside break of $1,758 won’t hesitate to challenge the April 13 low near $1,724.
Alternatively, an upside clearance of $1,790 needs to cross the recently flashed multi-day top of $1,798 as well as the $1,800 threshold to recall gold buyers.
Following that, February highs close to $1,816 should return to the charts.
Gold four-hour chart
Trend: Further weakness expected
ADDITIONAL IMPORTANT LEVELS
|Today last price||1784.38|
|Today Daily Change||2.79|
|Today Daily Change %||0.16%|
|Today daily open||1781.59|
|Previous Daily High||1782.63|
|Previous Daily Low||1762.72|
|Previous Weekly High||1797.93|
|Previous Weekly Low||1763.7|
|Previous Monthly High||1759.98|
|Previous Monthly Low||1676.87|
|Daily Fibonacci 38.2%||1775.02|
|Daily Fibonacci 61.8%||1770.33|
|Daily Pivot Point S1||1768.66|
|Daily Pivot Point S2||1755.74|
|Daily Pivot Point S3||1748.75|
|Daily Pivot Point R1||1788.57|
|Daily Pivot Point R2||1795.56|
|Daily Pivot Point R3||1808.48|