Gold Price Analysis: Probes 50-HMA above $1,600 after US stimulus package news


  • Gold struggles to regain the buyers’ confidence.
  • The two-day-old descending trend line adds to the resistance.
  • A weekly support line could challenge the pullback moves.
  • US Senators might be called from the holidays to vote on the Coronavirus Relief Bill.

Despite ticking up to 50-HMA, gold prices paid a little heed to the news that the US COVID-19 Bill is near to being the law. The yellow metal currently takes rounds to $1,606, off from intraday low of $1,599, during the early Thursday.

If at all the bullion manage to clear the $1,608 immediate resistance, a falling trend line from Tuesday, near $1,624, could stop the buyers from targeting the monthly top close to $1,638.

It should also be noted that the metal’s successful rise past-$1,638 could escalate the recovery moves towards $1,660 and $1,680 numbers to the north. Though, the bulls may need validation from $1,640 for the strength.

Alternatively, short-term horizontal support near $1,584 can offer immediate support ahead of the one-week-old rising trend line, around $1,549.

In a case where the sellers dominate past-$1,549, March 20 high near $1,516 could return to the charts.

Gold hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 1608.04
Today Daily Change -9.02
Today Daily Change % -0.56%
Today daily open 1617.06
 
Trends
Daily SMA20 1589.67
Daily SMA50 1585.78
Daily SMA100 1538.44
Daily SMA200 1506.95
 
Levels
Previous Daily High 1638.28
Previous Daily Low 1598.21
Previous Weekly High 1561
Previous Weekly Low 1451.3
Previous Monthly High 1689.4
Previous Monthly Low 1547.56
Daily Fibonacci 38.2% 1613.52
Daily Fibonacci 61.8% 1622.97
Daily Pivot Point S1 1597.42
Daily Pivot Point S2 1577.78
Daily Pivot Point S3 1557.35
Daily Pivot Point R1 1637.49
Daily Pivot Point R2 1657.92
Daily Pivot Point R3 1677.56

 

 

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