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.

Dhwani Mehta FXStreet

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

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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