Gold Price Analysis: On the back foot below $1,600 inside falling channel

Gold prices fail to hold onto the previous day’s recovery gains.
200-bar SMA, 61.8% Fibonacci retracement guard immediate upside.
Bearish MACD keeps sellers hopeful.

Anil Panchal FXStreet

While defying Wednesday’s recovery moves, Gold prices drop to $1,585, down 0.40%, amid the early Thursday’s trading session.

In doing so, the yellow metal remains inside a one-week-old descending trend channel while also staying below 200-bar SMA and 61.8% Fibonacci retracement of its March 09-16 declines.

That said, the bullion sellers also take clues from the bearish MACD while currently targeting 50% Fibonacci retracement near $1,577. Though, the channel’s support, around $1,561, could question further downside.

On the flip side, 200-bar SMA level of $1,603 precedes $1,607 resistance comprising 61.8% Fibonacci retracement.

During the metal’s further advances past-$1,607, the said channel’s upper line, close to $1,616 will be the key to watch.

Gold four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1584.81
Today Daily Change	-6.10
Today Daily Change %	-0.38%
Today daily open	1590.91

Trends
Daily SMA20	1588.29
Daily SMA50	1590.96
Daily SMA100	1545.87
Daily SMA200	1511.99

Levels
Previous Daily High	1600.7
Previous Daily Low	1568.46
Previous Weekly High	1644.54
Previous Weekly Low	1482.74
Previous Monthly High	1703.27
Previous Monthly Low	1451.3
Daily Fibonacci 38.2%	1588.38
Daily Fibonacci 61.8%	1580.78
Daily Pivot Point S1	1572.68
Daily Pivot Point S2	1554.45
Daily Pivot Point S3	1540.44
Daily Pivot Point R1	1604.92
Daily Pivot Point R2	1618.93
Daily Pivot Point R3	1637.16

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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