- 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
Additional important levels
|Today last price||1647.59|
|Today Daily Change||-0.79|
|Today Daily Change %||-0.05%|
|Today daily open||1648.38|
|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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