Gold Price Analysis: Bulls remain in control near multi-year tops, just above $1800 mark


  • Gold added to its intraday gains further beyond the key $1800 psychological mark.
  • Bulls might now wait for a modest pullback to $1790 level before placing fresh bets.

Gold edged higher through the mid-European session on Wednesday and climbed further beyond the $1800 mark, hitting fresh multi-year tops in the last hour.

Acceptance above the mentioned level might be seen as a fresh trigger for bullish traders and supports prospects for additional gains. However, slightly overbought conditions on hourly/daily charts warrant some caution for aggressive bullish traders.

Moreover, the commodity is currently placed near an ascending trend-line, extending from August 2019. This makes it prudent to wait for a modest pullback towards the previous swing high, around the $1790 area before placing fresh bullish bets.

That said, a convincing breakthrough the mentioned trend-line hurdle should set the stage for a further near-term appreciating move. The commodity might then aim to test late September 2019 swing highs, around the $1827 region.

Conversely, sustained weakness below the $1790 zone might prompt some technical selling and accelerate the corrective slide further towards the $1750 horizontal level. An intermediate support is pegged near the $1768-67 region.

Gold daily chart

fxsoriginal

Technical levels to watch

XAU/USD

Overview
Today last price 1802.53
Today Daily Change 7.08
Today Daily Change % 0.39
Today daily open 1795.45
 
Trends
Daily SMA20 1755.84
Daily SMA50 1731.64
Daily SMA100 1682.32
Daily SMA200 1596.31
 
Levels
Previous Daily High 1797.4
Previous Daily Low 1773.66
Previous Weekly High 1789.28
Previous Weekly Low 1757.7
Previous Monthly High 1785.91
Previous Monthly Low 1670.76
Daily Fibonacci 38.2% 1788.33
Daily Fibonacci 61.8% 1782.73
Daily Pivot Point S1 1780.27
Daily Pivot Point S2 1765.1
Daily Pivot Point S3 1756.53
Daily Pivot Point R1 1804.01
Daily Pivot Point R2 1812.58
Daily Pivot Point R3 1827.75

 

 

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