Gold Price Analysis: Elliott Wave analysis shows the $1725.96 level is an important resistance zone

Gold is over 1% higher as safe-haven demand picks up in the US session.
The Elliott Wave 1-2 low is the resistance level to watch out for.

Rajan Dhall, MSTA FX Daily

XAU/USD 4-hour chart

Gold has been pushing higher in the last couple of sessions and now the bulls have broken back above the USD 1700 per troy once level again. At the moment on the chart below the 200 Simple Moving average is providing some resistance as the bulls gain control.

The main resistance on the chart is the red horizontal line at USD 1725.96 per troy ounce. This is where the wave 1-2 low resides and if broken would negate the new longer Elliott five-wave pattern to the downside and insinuate the move is an ABC correction down to USD 1670.76 per troy ounce. The good news is it won't be too long till we find out as the market is only USD 10 away from the zone at the time of writing.

The indicators at the moment are looking bullish but there is a worrying sign on the Relative Strength Index (RSI). The RSI is showing a bearish failure swing. This is when the price makes a lower low wave and the indicator a higher high wave. This is pointed out by the red line on the RSI indicator. The MACD, however, is looking positive with the histogram in the green and the signal lines looking like they may move above the mid zone.

Additional levels

XAU/USD

Overview
Today last price	1716.62
Today Daily Change	18.10
Today Daily Change %	1.07
Today daily open	1698.52

Trends
Daily SMA20	1722.06
Daily SMA50	1698.92
Daily SMA100	1643.81
Daily SMA200	1570.48

Levels
Previous Daily High	1701.19
Previous Daily Low	1677.73
Previous Weekly High	1745.12
Previous Weekly Low	1670.76
Previous Monthly High	1765.38
Previous Monthly Low	1670.72
Daily Fibonacci 38.2%	1692.23
Daily Fibonacci 61.8%	1686.69
Daily Pivot Point S1	1683.77
Daily Pivot Point S2	1669.02
Daily Pivot Point S3	1660.31
Daily Pivot Point R1	1707.23
Daily Pivot Point R2	1715.94
Daily Pivot Point R3	1730.69

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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