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
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
