Gold Price Analysis: 1-hour chart highlights a strong technical rejection point at $1727.37

Gold is trading 0.73% higher on Thursday as the USD weakens.
The current retracement might have come to an end close to these current levels.

Rajan Dhall, MSTA FX Daily

Gold 1-hour chart

Gold has been moving higher in the session as the retracement continues. The trend on the hourly chart below is still firmly down. This current wave higher could be the next lower high and there could be some signs of a rejection point at the moment.

Looking at the 1-hour chart the blue trendline looks like it has been rejected again. Adding to this the price level also confluences at the 50% Fibonacci retracement level. Lastly, the wave low resistance from 19th May at USD 172596 per try ounce is also at the same zone marked by the red rectangle.

The Relative Strength Index indicator is also in an oversold area. This also indicates there could be a move lower as the price looks to be overextended. The MACD histogram is above the zero line but the signal lines might just be starting to have a bearish cross over. Overall on the higher timeframes, this is still an uptrend but maybe the short term correction is not over.

Additional levels

XAU/USD

Overview
Today last price	1721.84
Today Daily Change	12.40
Today Daily Change %	0.73
Today daily open	1709.44

Trends
Daily SMA20	1716.24
Daily SMA50	1674.94
Daily SMA100	1631.03
Daily SMA200	1562.84

Levels
Previous Daily High	1716.13
Previous Daily Low	1693.78
Previous Weekly High	1765.38
Previous Weekly Low	1717.34
Previous Monthly High	1747.82
Previous Monthly Low	1568.46
Daily Fibonacci 38.2%	1702.32
Daily Fibonacci 61.8%	1707.59
Daily Pivot Point S1	1696.77
Daily Pivot Point S2	1684.1
Daily Pivot Point S3	1674.42
Daily Pivot Point R1	1719.12
Daily Pivot Point R2	1728.8
Daily Pivot Point R3	1741.47

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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