Gold Price Analysis: Tests monthly resistance trendline above $1,600


  • Gold struggles between 61.8% Fibonacci retracement and near-term key resistance line.
  • Bullish MACD, sustained trading beyond key supports keep buyers hopeful.
  • 100-day SMA, 38.2% retracement will keep sellers away.

Gold trades with mild losses near three-day highs, currently down 0.07% around $1,612 while heading into the European session on Friday.

Although repeated failures to take out the monthly trend line portrays the underlying weakness in momentum, bullish MACD and sustained trading beyond 61.8% Fibonacci retracement of March month downside keep buyers hopeful.

As a result, a daily closing beyond $1,620 will push prices upwards to a one-week high surrounding $1,645 ahead of targeting $1,680 and $1,700.

On the contrary, the bullion’s break below 61.8% Fibonacci retracement level of $1,616 can recall 21-day SMA, currently near $1,586.

However, a confluence of 100-day SMA and 38.2% Fibonacci retracement near $,1550/47 will question the bears afterward.

Gold daily chart

Trend: Bullish

Additional important levels

Overview
Today last price 1612.36
Today Daily Change -1.02
Today Daily Change % -0.06%
Today daily open 1613.38
 
Trends
Daily SMA20 1585.29
Daily SMA50 1591.98
Daily SMA100 1547.3
Daily SMA200 1513.01
 
Levels
Previous Daily High 1620.5
Previous Daily Low 1582.92
Previous Weekly High 1644.54
Previous Weekly Low 1482.74
Previous Monthly High 1703.27
Previous Monthly Low 1451.3
Daily Fibonacci 38.2% 1606.14
Daily Fibonacci 61.8% 1597.28
Daily Pivot Point S1 1590.7
Daily Pivot Point S2 1568.02
Daily Pivot Point S3 1553.12
Daily Pivot Point R1 1628.28
Daily Pivot Point R2 1643.18
Daily Pivot Point R3 1665.86

 

 

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