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

Additional important levels

Today last price 1772.56
Today Daily Change 1.22
Today Daily Change % 0.07%
Today daily open 1771.34
Daily SMA20 1732.05
Daily SMA50 1722.11
Daily SMA100 1667.98
Daily SMA200 1586.78
Previous Daily High 1772.04
Previous Daily Low 1747.59
Previous Weekly High 1779.41
Previous Weekly Low 1742.97
Previous Monthly High 1765.38
Previous Monthly Low 1670.72
Daily Fibonacci 38.2% 1762.7
Daily Fibonacci 61.8% 1756.93
Daily Pivot Point S1 1755.27
Daily Pivot Point S2 1739.21
Daily Pivot Point S3 1730.82
Daily Pivot Point R1 1779.72
Daily Pivot Point R2 1788.11
Daily Pivot Point R3 1804.17



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.


GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.


XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI once again breaks $40 per barrel after trading lower in early EU trade

There has been quite the bounce in WTI since the EU session after some strong selling pressure during Thursday and overnight. Once again on Friday's session, the price has taken the USD 40 per barrel handle. 

Oil News