Gold Price Analysis: XAU/USD bounces off $1,943 immediate support confluence
|- Gold prices print mild gains after stepping back from one-week high the previous day.
- 50-HMA, ascending trend line from Tuesday restricts immediate downside.
- 61.8% of Fibonacci retracement guards immediate upside ahead of the weekly top.
Gold rises to $1,949, up 0.18% on a day, amid the initial hour of Tokyo open on Friday. In doing so, the yellow metal recovers Thursday’s losses while stepping back from a short-term key support confluence near $1,943.
With the normal RSI conditions favoring the bullion’s bounce, 61.8% Fibonacci retracement of September 01-08 fall, around $1,960, is likely luring the intraday buyers before the previous day’s peak, also the weekly top, surrounding $1,966/67.
During the quote’s sustained run-up past-$1,967, bulls will have to cross $1,971 and $1,974 intermediate halts before challenging the monthly high of $1,992.42.
Meanwhile, a downside break of $1,943, will be questioned by the 100-HMA level of $1,936.
Given the commodity’s sustained weakness past-$1,936, sellers can refresh the monthly low $1,906 with the $1,900 threshold on the radar.
Gold hourly chart
Trend: Pullback expected
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.