Gold Price Analysis: Stuck in a short-term descending triangle above 200-HMA

  • Gold prices remain in the small range after stepping back from Tuesday’s high.
  • Buyers look for an upside break of the triangle resistance, 50-HMA.
  • 50% Fibonacci retracement, 200-HMA could check sellers on the downside break of the triangle.

Gold prices remain mildly positive near $1,647 amid the early Thursday morning in Asia. The bullion has been trading in a range between $1,641 and $1,658 off-late. Even so, it does portray a descending triangle bullish formation on the hourly (H1) chart.

In addition to the triangle’s resistance line, 50-HMA also increases the importance of $1,653 as the near-term key upside barrier.

While MACD and RSI are both signaling neutral sentiment, the continuation of a broad recovery should remain on the cards.

As a result, the yellow metal’s run-up beyond $1,653 could propel it to the weekly top of $1,674.15 whereas $1,700 and the previous month high near $1,703 will lure the bulls afterward.

Alternatively, the quote’s declines below the formation’s support of $1,641 could drag it to March 04 high surrounding $1,626.

Though, a confluence 200-HMA and 50% Fibonacci retracement of March 31 to April 06 rise, close to $1,621, can question the sellers below $1,626.

Gold hourly chart

Trend: Bullish

Additional important levels

Today last price 1647.59
Today Daily Change -0.79
Today Daily Change % -0.05%
Today daily open 1648.38
Daily SMA20 1581.39
Daily SMA50 1596.03
Daily SMA100 1552.45
Daily SMA200 1516.58
Previous Daily High 1674.15
Previous Daily Low 1642.98
Previous Weekly High 1636.13
Previous Weekly Low 1568.46
Previous Monthly High 1703.27
Previous Monthly Low 1451.3
Daily Fibonacci 38.2% 1654.89
Daily Fibonacci 61.8% 1662.24
Daily Pivot Point S1 1636.19
Daily Pivot Point S2 1624
Daily Pivot Point S3 1605.02
Daily Pivot Point R1 1667.36
Daily Pivot Point R2 1686.34
Daily Pivot Point R3 1698.53



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