Gold Price Analysis: XAU/USD eases to sub-$2,040 area, bearish MACD becomes the concern


  • 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

Overview
Today last price 2038.42
Today Daily Change 18.44
Today Daily Change % 0.91%
Today daily open 2019.98
 
Trends
Daily SMA20 1878.23
Daily SMA50 1796.36
Daily SMA100 1733.84
Daily SMA200 1634.69
 
Levels
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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