Gold Price Analysis: XAU/USD charts minor recovery as the US bond yield drops


  • Gold trades marginally higher in Asia as US yields decline. 
  • The metal's short-duration technical charts show scope for a corrective bounce.

Gold is trading near $1,773 per ounce, having put in a low of $1,765 in early Asia. 

The minor bounce could be associated with the US 10-year Treasury yield's pullback from the 12-month high of 1.55% to 1.5%. 

Gold's 15-minute chart shows a bullish divergence of the Relative Strength Index. Meanwhile, long tail attached to the current and the previous 4-hour candle signals bear fatigue. 

As such, the metal could extend the recovery toward resistance at $1,780 – a lower high on the 15-minute chart. A violation there would expose the descending trendline. 

The overall bias would remain bearish while prices are held under the Feb. 23 high of $1,816. 

15-minute chart

Trend: Corrective bounce

Technical levels

XAU/USD

Overview
Today last price 1773.94
Today Daily Change 4.24
Today Daily Change % 0.24
Today daily open 1769.7
 
Trends
Daily SMA20 1813.05
Daily SMA50 1848.27
Daily SMA100 1860.21
Daily SMA200 1860.3
 
Levels
Previous Daily High 1805.86
Previous Daily Low 1765.56
Previous Weekly High 1827.11
Previous Weekly Low 1760.72
Previous Monthly High 1959.42
Previous Monthly Low 1802.8
Daily Fibonacci 38.2% 1780.95
Daily Fibonacci 61.8% 1790.47
Daily Pivot Point S1 1754.89
Daily Pivot Point S2 1740.07
Daily Pivot Point S3 1714.59
Daily Pivot Point R1 1795.19
Daily Pivot Point R2 1820.67
Daily Pivot Point R3 1835.49

 

 

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