Gold Price Analysis: Pressured below $1,550 as MACD teases the bears
|- Gold prices fail to clear the weekly resistance line.
- 100-hour EMA, 38.2% Fibonacci retracement add to the upside barriers.
- Sellers will look for entry below 23.6% Fibonacci retracement, will target November 2019 low in that case.
Gold prices ease further below $1,550 to $1,528.70 during the pre-European session on Wednesday. In doing so the bullion takes U-turn from one-week-old resistance line amid MACD edging closer to the bearish signals.
That said, sellers will look for entry below 23.6% Fibonacci retracement level of March 09-16 fall, at $1,510, whereas the recent low near $1,451 and November 2019 bottom close to $1,445 could lure the bears next.
It should, however, be noted that the precious metal’s extended declines below $1,445 will make it vulnerable to revisit August 2019 low near 1,400.
Alternatively, a confluence of 100-hour EMA and 38.2% Fibonacci retracement close to $1,546/48 will offer an additional filter to the upside moves past-$1,535, comprising the aforementioned resistance line.
During the price rally beyond $1,548, 200-hour EMA and 50% of Fibonacci retracement near $1,578 will be the key to watch.
Gold hourly chart
Trend: Bearish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.