Gold Price Analysis: XAU/USD holds recovery gains from 200-HMA to refresh intraday high

Gold consolidates the biggest losses in two weeks.
MACD teases bulls, key HMA limits immediate downside.
100-HMA, nearby resistance line probe corrective pullback moves.

Anil Panchal FXStreet

Gold picks up bids around $1,841, up 0.20% intraday, during early Thursday. The yellow metal marked the heaviest losses since November 23 the previous day but 200-HMA triggered the much-awaited bounce.

The U-turn gains support from the receding strength of negative MACD signals to suggest further upside towards 100-HMA, at $1,851 now.

However, a downward sloping trend line from Tuesday, near $1,858 now, will challenge gold buyers ahead of highlighting the recent top surrounding $1,875 on their radars.

Meanwhile, a downside break of 200-HMA, currently around $1,828, will direct the commodity sellers towards 61.8% Fibonacci retracement of November 30 to December 08 upside, near $1,807.

In a case where the bullion bears get more interested in the quote below $1,807, they need to conquer the $1,800 round-figure for further governance.

Gold hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1839.51
Today Daily Change	1.35
Today Daily Change %	0.07%
Today daily open	1838.16

Trends
Daily SMA20	1843.06
Daily SMA50	1877.54
Daily SMA100	1911.4
Daily SMA200	1807.52

Levels
Previous Daily High	1871.76
Previous Daily Low	1825.5
Previous Weekly High	1848.3
Previous Weekly Low	1764.6
Previous Monthly High	1965.58
Previous Monthly Low	1764.6
Daily Fibonacci 38.2%	1843.17
Daily Fibonacci 61.8%	1854.09
Daily Pivot Point S1	1818.52
Daily Pivot Point S2	1798.88
Daily Pivot Point S3	1772.26
Daily Pivot Point R1	1864.78
Daily Pivot Point R2	1891.4
Daily Pivot Point R3	1911.04

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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