Gold Price Analysis: Bounce from Thursday's low stalls at $1,730

Gold faces rejection at $1,730 amid the bearish candlestick arrangement on the daily chart.
Key indicators like the MACD suggest bearish reversal.

Omkar Godbole FXStreet Contributor

Gold's recovery rally from Thursday's low of $1,715 looks to have stalled at $1,730. The safe-haven yellow metal is currently trading at $1,725 per ounce, having hit a low of $1,722 a few minutes before press time.

A re-test of $1.715 could be seen, as the daily chart studies have aligned in favor of the bears. Prices fell 1.24% on Thursday to register the biggest single-day percentage decline since April 30 and closed well below $1,727, which is the low of the bearish inverted hammer formed on May 18. Essentially, Thursday's close confirmed the bearish reversal signaled by the inverted hammer.

Meanwhile, the MACD histogram, an indicator used to identify trend changes and trend strength, has crossed below zero, confirming a bullish-to-bearish trend change.

Acceptance under $1,715 would open the doors to the psychological support of $1,700. A move above Thursday's high of 1,749 is needed to invalidate the bearish bias.

Daily chart

Trend: Bearish

Technical levels

1. R3 1777.25
2. R2 1763.2
3. R1 1745.45
PP 1731.4
1. S1 1713.65
2. S2 1699.6
3. S3 1681.85

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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