Gold Price Analysis: XAU/USD sellers need $1,763 breakdown to keep reins

  • Gold remains on the back foot for the second consecutive day.
  • 21-day, 50-day EMA convergence restricts immediate downside, $1,798 holds the key for buyer’s entry.

Gold trims intraday losses while picking bids around $1,768.50, down 0.20%, heading into Friday’s European session.

In doing so, the bright metal justifies late Thursday’s bounce off a two-week low, not to forget the failure to provide a daily closing below 21-day and 50-day EMA confluence.

Given the downward sloping RSI line, gold sellers are likely to stay in the power but will have to break the key $1,763 support to ward off the upside risk.

Meanwhile, 200-day EMA near $1,792 guards the bullion’s short-term upside ahead of the previous support line and the monthly peak surrounding $1,798.

It should, however, be noted that the gold bulls may wait for a clear run-up beyond the $1,800 threshold before challenging February’s top close to the $1,816.

Gold daily chart

Trend: Further weakness expected

ADDITIONAL IMPORTANT LEVELS

OVERVIEW
Today last price 1768.21
Today Daily Change -3.75
Today Daily Change % -0.21%
Today daily open 1771.96
TRENDS
Daily SMA20 1760.37
Daily SMA50 1745.4
Daily SMA100 1800.48
Daily SMA200 1855.94
LEVELS
Previous Daily High 1790.03
Previous Daily Low 1756.18
Previous Weekly High 1797.93
Previous Weekly Low 1763.7
Previous Monthly High 1759.98
Previous Monthly Low 1676.87
Daily Fibonacci 38.2% 1769.11
Daily Fibonacci 61.8% 1777.1
Daily Pivot Point S1 1755.42
Daily Pivot Point S2 1738.87
Daily Pivot Point S3 1721.57
Daily Pivot Point R1 1789.27
Daily Pivot Point R2 1806.57
Daily Pivot Point R3 1823.12


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