Gold Price Analysis: Off intraday top, still on bulls’ radar above $1,750

Gold prices step back from the highest since November 2012.
The short-term rising channel, sustained break of two-week-old resistance (now support) and bullish MACD keep buyers hopeful.
Monthly ascending trend line adds to the support, the year 2012 high lures the bulls.

Anil Panchal FXStreet

Gold prices step back from the intraday top, also the highest since October 2012, up 1.06% on a day, while taking rounds to $1,760 amid the early Monday.

Although pull back from the short-term ascending trend channel suggests the return of $1,748, the bullion’s further downside is likely to be capped by a two-week-old support line, at $1,740.

In a case where the bears sneak in around $1,740, the monthly support line, close to $1,706, will be the key to watch.

Meanwhile, an upside break of the said channel’s resistance, at $1,768 now, might not hesitate to channel the year 2012 peak surrounding $1,795/96.

Gold four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	1760.62
Today Daily Change	18.40
Today Daily Change %	1.06%
Today daily open	1742.22

Trends
Daily SMA20	1708.96
Daily SMA50	1653.97
Daily SMA100	1615.42
Daily SMA200	1553.99

Levels
Previous Daily High	1751.8
Previous Daily Low	1728.67
Previous Weekly High	1751.8
Previous Weekly Low	1690.05
Previous Monthly High	1747.82
Previous Monthly Low	1568.46
Daily Fibonacci 38.2%	1742.96
Daily Fibonacci 61.8%	1737.51
Daily Pivot Point S1	1729.99
Daily Pivot Point S2	1717.77
Daily Pivot Point S3	1706.86
Daily Pivot Point R1	1753.12
Daily Pivot Point R2	1764.03
Daily Pivot Point R3	1776.25

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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