Gold Price Analysis: XAU/USD bulls stay hopeful despite recent losses targeting $1,730

Gold bounces off intraday low but keeps flirting with 11-week-old trend line resistance.
10-day SMA, bullish MACD tests latest downside, bulls have a bumpy road ahead.

Anil Panchal FXStreet

Gold portrays a corrective pullback from the day’s low of $1,732.61, currently down 0.50% near $1,737, during early Monday. In doing so, the yellow metal rejects Friday’s upside break of short-term key resistance.

However, bullish MACD and the commodity’s sustained trading above 10-day SMA keeps gold buyers hopeful above $1,731.

Also acting as the downside filter is the $1,700 threshold and the recent low near $1,675.

Meanwhile, a clear break above the stated resistance line, near $1,740, will have to cross the previous week’s top surrounding $1,755 before eyeing November 2020 lows around $1,765.

Additionally, the 50-day SMA level of $1,791 and the $1,800 round-figure offer extra resistance levels to the commodity.

Gold daily chart

Trend: Pullback expected

XAU/USD

Overview
Today last price	1735.54
Today Daily Change	-9.96
Today Daily Change %	-0.57%
Today daily open	1745.5

Trends
Daily SMA20	1736.99
Daily SMA50	1793.99
Daily SMA100	1831.46
Daily SMA200	1860.55

Levels
Previous Daily High	1746.86
Previous Daily Low	1728.56
Previous Weekly High	1755.59
Previous Weekly Low	1719.3
Previous Monthly High	1871.9
Previous Monthly Low	1717.24
Daily Fibonacci 38.2%	1739.87
Daily Fibonacci 61.8%	1735.55
Daily Pivot Point S1	1733.75
Daily Pivot Point S2	1722.01
Daily Pivot Point S3	1715.45
Daily Pivot Point R1	1752.05
Daily Pivot Point R2	1758.61
Daily Pivot Point R3	1770.35

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.

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