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
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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
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
