Gold Price Analysis: XAU/USD bulls cheer immediate rising channel, aim for $1,753
- Gold prices print four-day winning streak to probe $1,740.
- A four-day-old ascending trend channel formation and sustained trading above 200-HMA keeps buyers hopeful.
- Channel’s resistance line can question the immediate upside.
- $1,710 offers key support ahead of Wednesday’s low.
Gold prices hold onto the previous day’s gains while taking the bids near $1,740.26 during the early Asian morning on Tuesday. The yellow metal portrays a short-term bullish chart formation on the hourly chart while also being above 200-HMA.
As a result, the buyers are likely to keep the reins, which in turn could push the quote towards the said channel’s upper line, near $1,753.00.
In a case where the prices remain solid beyond $1,753, the previous month’s top near $1,765.40 could lure the bulls.
On the downside, the metals declines below the channel’s support of $1,730.60 will need validation from a 200-HMA level of $1,727.45.
In doing so, the bullion sellers may target $1,710 ahead of aiming the May 27 bottom surrounding $1,694/93.
Gold hourly 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.
