Gold Price Analysis: Extends recovery from 100-HMA, $1,750 back in focus

Gold pierces $1,740 during the pullback moves from $1,727.74.
100-HMA offers immediate support, weekly rising trend line becomes the key.
A horizontal resistance around $1,752 can check intraday bulls.

Anil Panchal FXStreet

While extending its bounce from 100-HMA, Gold prices take the bids near $1,739.65, up 0.34% on a day with the intraday high of $1,740.41, during the early Tuesday.

The bullion currently aims to challenge immediate horizontal resistance around $1,752 ahead of targeting the recent top, also the highest since late-2012, around $1,765.40.

Should there be a further upside past-$1,765.40, the year 2012 top surrounding $1,795 could lure the buyers.

On the downside, the precious metal’s declines below 100-HMA level of $1,730 need validation from weekly support line, at $1,717 now, before highlighting $1,700 and the monthly bottom surrounding $1,670.

Gold hourly chart

Trend: Bullish

Additional important levels

Overview
Today last price	1738.83
Today Daily Change	5.89
Today Daily Change %	0.34%
Today daily open	1732.94

Trends
Daily SMA20	1710.83
Daily SMA50	1655.14
Daily SMA100	1617.65
Daily SMA200	1555.17

Levels
Previous Daily High	1765.38
Previous Daily Low	1727.74
Previous Weekly High	1751.8
Previous Weekly Low	1690.05
Previous Monthly High	1747.82
Previous Monthly Low	1568.46
Daily Fibonacci 38.2%	1742.12
Daily Fibonacci 61.8%	1751
Daily Pivot Point S1	1718.66
Daily Pivot Point S2	1704.38
Daily Pivot Point S3	1681.02
Daily Pivot Point R1	1756.3
Daily Pivot Point R2	1779.66
Daily Pivot Point R3	1793.94

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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