Gold Price Analysis: XAU/USD eases from intraday top but bulls stay hopeful above 200-SMA

Gold takes a U-turn after refreshing intraday high.
MACD teases bulls as the quote stays above 200-SMA.
Seven-week-old horizontal area tests bull’s commitment.

Anil Panchal FXStreet

Gold trims intraday gains after reversing from $1,749.44, around $1,746 by the press time, amid Wednesday’s Asian session.

Although 50% Fibonacci retracement of late February to early March downside clutches the yellow metal, a successful reversal from 200-SMA and MACD divergence in favor of buyers signals the bullion’s further upside.

However, a clear break above $1,755-57 area comprising multiple levels marked since February 26 becomes necessary for the precious metal buyers to keep the reins.

During the pullback, $1,735 and 38.2% Fibonacci retracement level of $1,730 can entertain short-term sellers ahead of testing them with a 200-SMA level of $1,726.

Overall, gold is consolidation early 2021 losses but the recent building of upside momentum gains the market’s attention

Gold four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	1745.63
Today Daily Change	0.37
Today Daily Change %	0.02%
Today daily open	1745.26

Trends
Daily SMA20	1732.01
Daily SMA50	1755.92
Daily SMA100	1806.38
Daily SMA200	1858.32

Levels
Previous Daily High	1748.97
Previous Daily Low	1723.8
Previous Weekly High	1758.74
Previous Weekly Low	1721.34
Previous Monthly High	1759.98
Previous Monthly Low	1676.87
Daily Fibonacci 38.2%	1739.36
Daily Fibonacci 61.8%	1733.41
Daily Pivot Point S1	1729.72
Daily Pivot Point S2	1714.17
Daily Pivot Point S3	1704.55
Daily Pivot Point R1	1754.89
Daily Pivot Point R2	1764.51
Daily Pivot Point R3	1780.06

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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