Gold Price Analysis: XAU/USD buyers aim to cross $1,800

  • Gold prices consolidate gains following the run-up to refresh late-2012 high.
  • Ascending trend channel, bullish MACD on the monthly chart signal further upside.
  • The sellers could wait for entries below the February month top.

Gold prices retrace from fresh high since October 2012 to around $1,780 amid the early Wednesday morning in Asia. The bullion previously surged to $1,785.91 while staying inside an upward sloping trend channel stretched from May 2019. Also favoring the precious metal’s upside were bullish signals by the MACD.

As a result, the traders might continue their efforts to conquer the year 2012 tope near $1,795/96. Additionally, the $1,800 threshold and November 2011 peak surrounding $1,803 could lure the optimists afterward.

Although the said channel’s resistance line, at $1,828 now, might confine the quote’s further upside, any more rise beyond that might not hesitate to challenge September 2011 top close to $1,921/22.

Alternatively, February month high near $1,690 offers strong downside support to the yellow metal prices. Before that, $1,750 and $1,700 might entertain the short-term bears.

During the safe-haven’s further fall below $1,690, the channel’s support line, currently around $1,638, becomes the key to watch.

Gold monthly chart

Trend: Bullish

additional important levels

Today last price 1780.43
Today Daily Change 7.87
Today Daily Change % 0.44%
Today daily open 1772.56
Daily SMA20 1733.7
Daily SMA50 1723.64
Daily SMA100 1670
Daily SMA200 1588.06
Previous Daily High 1776.13
Previous Daily Low 1765.8
Previous Weekly High 1779.41
Previous Weekly Low 1742.97
Previous Monthly High 1765.38
Previous Monthly Low 1670.72
Daily Fibonacci 38.2% 1772.18
Daily Fibonacci 61.8% 1769.75
Daily Pivot Point S1 1766.86
Daily Pivot Point S2 1761.17
Daily Pivot Point S3 1756.53
Daily Pivot Point R1 1777.19
Daily Pivot Point R2 1781.83
Daily Pivot Point R3 1787.52



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