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

Overview
Today last price 1784.46
Today Daily Change 8.27
Today Daily Change % 0.47%
Today daily open 1776.19
 
Trends
Daily SMA20 1747.5
Daily SMA50 1728.5
Daily SMA100 1678.16
Daily SMA200 1593.25
 
Levels
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

 

 

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