Gold Price Analysis: XAU/USD bulls look for entry beyond $1,775
- Gold prices near the upper-end of the short-term trading range between $1,766 and $1,776.13.
- A four-day-old falling trend line restricts immediate upside.
- Weekly support line precedes an ascending trend line from June 05, coupled with 50-bar SMA, to restrict immediate downside.
Gold inches closer to the quarter-end while taking rounds to $1,772 at the start of Tuesday’s Asian session. In doing so, the bullion keeps the immediate trading range above $1,765 and be near the highest since October 2012, flashed last Wednesday. However, a short-term falling trend line restricts the precious metal’s immediate upside amid sluggish MACD conditions.
As a result, the safe-haven buyers might wait for a clear break above $1,775 for fresh entries. In doing so, the recent high of $1,779.41 will be their immediate target whereas October 2012 top surrounding $1,796 could become the landmark afterward.
In a case where the gold prices continue to rise past-$1,796, November 2011 top close to $1,803 and August 30, 2011 peak surrounding $1,840 might offer intermediate halts before highlighting $1,900 threshold.
Meanwhile, an upward sloping trend line from June 22, at $1,764.80 now, offers immediate support to the bullion before nearly four-week-old support line and 50-bar SMA around $1,758/55.
Should bears sneak it at $1,755, odds of the bullion’s drop to 200-bar SMA level of $1,732.80 can’t be ruled out.
Gold four-hour chart
Trend: Pullback 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.
