Gold Price Analysis: XAU/USD challenges key $1795 hurdle on the road to recovery


  • Gold probes key falling trendline hurdle on the hourly chart.
  • Treasury yields hold the advance, making it an uphill task for bulls.
  • RSI turns south but holds above 50.00, keeping buyers hopeful.

Gold (XAU/USD) is struggling to extend its recovery from seven-month lows in early Europe, as the two-week-old falling trendline resistance at $1795 on the hourly chart tests the bulls’ commitment.

However, the bull cross, with the 21-hourly moving average (HMA) having crossed the 50-HMA from below, favors the further upside.

Gold Price Chart: Hourly chart

Gold has recaptured the bearish 100-HMA at $1787 and holds well above the latter, adding credence to more gains in the offing.

Acceptance above the aforesaid critical resistance could fuel a sharp rise towards the downward-sloping 200-HMA at $1809. Ahead of that, the January low of $1803 could be challenged.

Alternatively, the 100-HMA could now offer immediate support, below which the 21-HMA at $1783 could come to the buyers ‘rescue.

Further down, the horizontal 50-HMA at $1779 would come into the picture.

Gold: Additional levels

XAU/USD

Overview
Today last price 1789.78
Today Daily Change 7.73
Today Daily Change % 0.43
Today daily open 1782.04
 
Trends
Daily SMA20 1823.3
Daily SMA50 1853.19
Daily SMA100 1864.08
Daily SMA200 1859.14
 
Levels
Previous Daily High 1791.68
Previous Daily Low 1760.72
Previous Weekly High 1827.11
Previous Weekly Low 1760.72
Previous Monthly High 1959.42
Previous Monthly Low 1802.8
Daily Fibonacci 38.2% 1779.85
Daily Fibonacci 61.8% 1772.55
Daily Pivot Point S1 1764.61
Daily Pivot Point S2 1747.19
Daily Pivot Point S3 1733.65
Daily Pivot Point R1 1795.57
Daily Pivot Point R2 1809.11
Daily Pivot Point R3 1826.53

 

 

 

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