Gold Price Analysis: XAU/USD bulls attack 50-hour SMA hurdle
|- Gold is flirting with the 50-hour SMA at $1,714.
- Wednesday's Doji indicates indecision in the market place.
- A convincing move above Wednesday's high is needed to confirm bullish revival.
Gold has risen to the 50-hour simple moving average hurdle (SMA) hurdle but remains trapped within Wednesday's trading range. At press time, the key average is located at $1,714.
The yellow metal is up 0.30% on the day, having charted an indecisive Doji candle on Wednesday.
A convincing move above the Doji candle's high of $1,716 would validate the seller exhaustion signaled by that candlestick pattern and likely draw stronger bids, yielding a rally to the 10-day SMA, currently located at $1,728.
Alternatively, a move below $1,693 (Wednesday's low) would imply a continuation of the pullback from the May 18 high of $1,765 and would shift risk in favor of drop supports at $1,680. That level repeatedly restricted losses during the six days to May 7. A violation there would expose support at $1,658 (April 21 low).
Daily chart
Trend: Neutral
Technical levels
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