Gold Price Analysis: Rejection at 50-DMA recalls XAU/USD sellers, $1730 eyed


  • Gold looks to retest $1730 support after retreating from five-week highs.
  • Technical indicators still back the case for the upside.
  • 50-DMA at $1760 is the level to beat for XAU/USD bulls.

Gold (XAU/USD) has returned to the red zone on Friday, having failed to surpass the critical hurdle at $1760 for the second straight session.

That level appears to be the downward-sloping 50-daily moving average (DMA). Sellers are back in control and remain poised to threaten the mildly bullish 21-DMA at $1731.

However, with the 14-day Relative Strength Index (RSI) still defending the midline, the downside appears limited by the abovementioned 21-DMA support.

If the level gives way, the April 5 low at $1721 could be put to test. Further south, the April month low so far at $1706 will be eyed.

Gold Price Chart: One-day

 

Alternatively, should XAU buyers find acceptance above the powerful 50-DMA resistance on a daily closing basis, the double bottom reversal in gold could likely regain momentum.

Subsequently, a rally towards the $1800 mark cannot be ruled.

Gold: Additional levels

XAU/USD

Overview
Today last price 1748.95
Today Daily Change -6.48
Today Daily Change % -0.37
Today daily open 1755.42
 
Trends
Daily SMA20 1729.89
Daily SMA50 1762.35
Daily SMA100 1809.92
Daily SMA200 1858.89
 
Levels
Previous Daily High 1758.74
Previous Daily Low 1733.22
Previous Weekly High 1733.24
Previous Weekly Low 1677.98
Previous Monthly High 1759.98
Previous Monthly Low 1676.87
Daily Fibonacci 38.2% 1748.99
Daily Fibonacci 61.8% 1742.97
Daily Pivot Point S1 1739.51
Daily Pivot Point S2 1723.61
Daily Pivot Point S3 1713.99
Daily Pivot Point R1 1765.03
Daily Pivot Point R2 1774.65
Daily Pivot Point R3 1790.55

 

 

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