Gold Price Analysis: $1800 is being used as the intraday support for XAU/USD

Gold is trading 0.53% lower on Thursday after its recent rally.
The market could take the price back into the previous consolidation is the support cannot hold.

Rajan Dhall, MSTA FX Daily

Gold 4-hour chart

Gold has retraced on Thursday during the US session after the recent impressive rally. At the moment the market is grappling with the USD 1800 per troy ounce psychological level. The risk sentiment is hanging on a knife-edge as equities drop off and the dollar reises (DXY +0.21%).

Looking closer at the chart and the USD 1800 per ounce level is at the red horizontal line. If the price does break the support there is the purple wedge chart pattern to that could be used as a support zone too. The strongest zone seems to be the middle of the previous distribution area and this would-be around USD 1779.00 per ounce.

The indicators have started to dip lower too. The Relative Strength Index has pulled away from the overbought zone. The MACD histogram has also turned red but the main thing is the signal lines. If they manage to breach the mid-point then it would be a good sign that the trend might reverse in the medium term.

Obviously, this is just a small blip or retracement in an otherwise strong uptrend. The main point is where will the buyers come back in?.

Additional levels

XAU/USD

Overview
Today last price	1801.26
Today Daily Change	-8.45
Today Daily Change %	-0.47
Today daily open	1809.71

Trends
Daily SMA20	1759.43
Daily SMA50	1733.57
Daily SMA100	1684.39
Daily SMA200	1597.96

Levels
Previous Daily High	1818.17
Previous Daily Low	1791.66
Previous Weekly High	1789.28
Previous Weekly Low	1757.7
Previous Monthly High	1785.91
Previous Monthly Low	1670.76
Daily Fibonacci 38.2%	1808.04
Daily Fibonacci 61.8%	1801.79
Daily Pivot Point S1	1794.86
Daily Pivot Point S2	1780
Daily Pivot Point S3	1768.35
Daily Pivot Point R1	1821.37
Daily Pivot Point R2	1833.02
Daily Pivot Point R3	1847.88

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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