Gold Price Analysis: XAU/USD bulls remain on the defensive near $1,780


  • Gold is hovering near the $1,780 mark in the Asian session.
  • Bulls face interim resistance around $1,785 on the hourly chart.
  • Oversold MACD signals some upward momentum. 

Gold prices recovered part of their losses from Tuesday’s low of $1,770.90 and seem to confide in the vicinity of multi-day resistance placed around $1,780.

At the time of writing, XAU/USD is trading at $1,777.85, down 0.77% on the day.

XAU/USD hourly chart

On the hourly chart, the pair is struggling to maintain intraday gains and is moving toward the session low of $1,776.80. However, bulls remain hopeful of recovery toward the $1,785 level as prices hold above the ascending trendline extending from Tuesday’s low. On moving higher, prices would encounter a hurdle near the $1,788 horizontal resistance zone, followed by Tuesday’s high of $1,799.08.

The Moving Average Convergence Divergence (MACD) indicator is in a negative trajectory with stretched oversold conditions. However, if any downtick occurs it would echo the prevailing downtrend and would push prices toward the $1,775 horizontal support zone followed by Tuesday’s low of $1,770.90. On moving downward, it would open the gates for Monday lows near the $1,765 region.

XAU/USD additional levels

XAU/USD

Overview
Today last price 1779.38
Today Daily Change 0.38
Today Daily Change % 0.02
Today daily open 1779
 
Trends
Daily SMA20 1767.38
Daily SMA50 1744.91
Daily SMA100 1798.85
Daily SMA200 1853.98
 
Levels
Previous Daily High 1799.08
Previous Daily Low 1770.9
Previous Weekly High 1790.03
Previous Weekly Low 1756.18
Previous Monthly High 1797.93
Previous Monthly Low 1705.84
Daily Fibonacci 38.2% 1781.66
Daily Fibonacci 61.8% 1788.32
Daily Pivot Point S1 1766.91
Daily Pivot Point S2 1754.81
Daily Pivot Point S3 1738.73
Daily Pivot Point R1 1795.09
Daily Pivot Point R2 1811.17
Daily Pivot Point R3 1823.27

 

 

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