Gold Price Analysis: XAU/USD eases from $1,790 key hurdle

  • 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


Today last price 1784.38
Today Daily Change 2.79
Today Daily Change % 0.16%
Today daily open 1781.59
Daily SMA20 1757.15
Daily SMA50 1745.45
Daily SMA100 1801.14
Daily SMA200 1856.44
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


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