Gold Price Analysis: XAU/USD bulls lined up for tickets of late-January tops
- Gold buyers attack short-term triangle resistance while teasing the intraday high.
- Successful U-turn from 50-bar SMA, amid bullish MACD, favor optimists.
- Bears have a bumpy road even if they manage to conquer $1,833 support confluence.
Gold seesaws around an intraday high of $1,845.33, currently up 0.39% to $1,1843.14, during the pre-European session trading on Wednesday.
In doing so, the yellow metal buyers battle the upper line of an immediate triangle while cheering sustained trading beyond 50-bar SMA amid bullish MACD.
Hence, the upside break of an immediate hurdle near $1,845-46 becomes imminent, which in turn can propel the quote towards the highs marked during January 21 and 29, around $1,875.
However, a decisive move beyond Tuesday’s top of $1,848.63 will add conviction to the hopes of upside.
On the contrary, a convergence of 50-bar SMA and an ascending trend line from Friday, near $1,833, can convince short-term traders.
Though, the $1,800 threshold and the monthly bottom surrounding $1,875 could test the gold bears afterward.
To sum up, gold prices are primed for further upside but need clarity of moves amid a light calendar and mostly dead feeds.
Gold four-hour chart
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Trend: Further upside expected
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.
