Gold Price Analysis: XAU/USD buyers catch a breather with eyes on $1,789

  • Gold prices recede from one-week high but keep Monday’s US-session pullback from $1,779.
  • The monthly high holds the key for the metal’s further upside ahead of a two-week-old ascending trend line.
  • Bulls cheer MACD conditions, a rising support line from June 15 for immediate optimism.

Gold prices ease from one-week top to near $1,785 amid the early Tuesday morning in Asia. In doing so, the bullion steps back ahead of the monthly top, flashed Wednesday, near $1,789 amid bullish MACD.

Considering the yellow metal’s ability to stay positive since mid-June, as portrayed by an ascending trend line, also trade beyond 200-bar SMA, not to forget MACD signals, buyers are likely to keep the helm.

However, $1,789 horizontal resistance might offer a place to pull back, if at all prices remain firm beyond $1,785. Should the optimists refresh the monthly high, an upward sloping trend line from June 24, currently around $1,795, will become an additional upside barrier ahead of $1,800 threshold.

Meanwhile, the safe-haven asset’s U-turn from the present levels may aim for $1,780 whereas a three-week-old support line, at $1,773 now, could challenge the sellers afterward.

If at all the bears remain dominant past-$1,773, 200-bar SMA level close to $1,737/38 can return to the charts.

Gold four-hour chart

Trend: Bullish

Additional important levels

Today last price 1784.46
Today Daily Change 8.27
Today Daily Change % 0.47%
Today daily open 1776.19
Daily SMA20 1747.5
Daily SMA50 1728.5
Daily SMA100 1678.16
Daily SMA200 1593.25
Previous Daily High 1777.21
Previous Daily Low 1772.76
Previous Weekly High 1789.28
Previous Weekly Low 1757.7
Previous Monthly High 1785.91
Previous Monthly Low 1670.76
Daily Fibonacci 38.2% 1775.51
Daily Fibonacci 61.8% 1774.46
Daily Pivot Point S1 1773.56
Daily Pivot Point S2 1770.94
Daily Pivot Point S3 1769.11
Daily Pivot Point R1 1778.01
Daily Pivot Point R2 1779.84
Daily Pivot Point R3 1782.46



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

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD bounces to stabilize around 1.1750

Fears keep ruling the financial boards as rising COVID-19 cases lead to fresh lockdowns across the Union, Germany included. Dollar correcting extreme overbought conditions.


GBP/USD falls below 1.30 amid fears of a UK lockdown, Brexit impasse

GBP/USD has dropped below 1.30 as the British government mulls a new lockdown to curb the spread of coronavirus. The pound is also pressured by the Brexit impasse.


XAU/USD hits fresh monthly lows near $1,870 and remains vulnerable

Gold is falling sharply and is down almost two percent, even after trimming losses. XAU/USD tumbled to $1,868/oz reaching the lowest level since late-September.

Gold News

Bank of Canada leaves policy rate unchanged at 0.25% as expected

In a widely expected decision, the Bank of Canada (BoC) announced on Wednesday that it left its key rate unchanged at 0.25% following its October policy meeting.

Read more

WTI bounces off lows near $37.00/bbl post-EIA

Prices of the WTI remain on the defensive albeit off lows. Demand concerns dragged prices to 3-week lows near $37.00. EIA reported an unexpected 4.3 mb build during last week.

Oil News