Gold Price Analysis: XAU/USD bulls aim for $2,055 following run-up to refresh record high
- Gold Prices extend pullback from $2,009 to challenge the all-time high flashed during early-Asia.
- Bullish MACD, sustained break of weekly resistance favor buyers.
- Bears will look for an entry on the break of an ascending trend line from July 21.
Gold picks up the bids near $2,022, up 0.12% on a day, as European traders prepare for trading on Wednesday. The bullion refreshed the record high to $2,031.20 during the early-Asian session. However, bulls stepped back before bouncing off $2,009 before a few minutes.
While the recent pullback fails to revisit the immediate support line, previous resistance, from July 28, bullish MACD favor buyers targeting to refresh the all-time peak beyond $2,031.20.
In doing so, the optimists will keep eyes on the one-month-old resistance line, at $2,055 now, ahead of eyeing the $2,100 threshold.
Alternatively, the one-week-long support line precedes an upward sloping trend line from late-July, respectively around $1,993 and $1,980, to challenge the sellers. Even so, the metal’s slip beneath $2,000 may trigger retracement of immediate gains.
It should, however, be noted that the quote’s downside past-$1,980 will be the key for the bears aiming to revisit the previous record high of September 2011 near $1,921.
Gold four-hour chart
Trend: Bullish
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.
