Gold Price Analysis: XAU/USD sellers need $1,763 breakdown to keep reins
- 30th April 2021
- Posted by: Hakeem
- Category: Commodities
- 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
|Today last price||1768.21|
|Today Daily Change||-3.75|
|Today Daily Change %||-0.21%|
|Today daily open||1771.96|
|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|