- Gold prices recede from the record high of $2,055.80 to immediate support line.
- Bearish MACD suggests extended pullback to one-week-old trend line, 100-HMA.
- Bulls can aim for 61.8% Fibonacci Expansion of 2001-2011 run-up.
Gold prices stay pressured around $2,038.36 during the pre-Tokyo open session on Thursday. The yellow metal pierced a $2,050 psychological magnet while refreshing the record high on the previous day. However, the recent consolidation gains market attention due to the bearish MACD signals and nearby support line.
Hence, sellers await the downside break of $2,038 to take fresh entries while targeting an ascending trend line from July 28, at $1,993. In doing so, Wednesday’s bottom near $2,010 and the $2,000 threshold can offer intermediate halts.
During the bullion’s further downside past-$1,993, a 100-HMA level of $1,991 will be important to watch.
On the contrary, $2,050 can offer immediate resistance to the precious metal ahead of pushing it to refresh the all-time peak.
Though, a longer-term Fibonacci Expansion level near $2,077 and $2,100 could challenge the bulls beyond $2,055/56.
Gold hourly chart
Trend: Pullback expected
Additional important levels
|Today last price||2038.42|
|Today Daily Change||18.44|
|Today Daily Change %||0.91%|
|Today daily open||2019.98|
|Previous Daily High||2020.02|
|Previous Daily Low||1967.68|
|Previous Weekly High||1984.8|
|Previous Weekly Low||1900|
|Previous Monthly High||1984.8|
|Previous Monthly Low||1757.7|
|Daily Fibonacci 38.2%||2000.03|
|Daily Fibonacci 61.8%||1987.67|
|Daily Pivot Point S1||1985.1|
|Daily Pivot Point S2||1950.22|
|Daily Pivot Point S3||1932.76|
|Daily Pivot Point R1||2037.44|
|Daily Pivot Point R2||2054.9|
|Daily Pivot Point R3||2089.78|
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