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.
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
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.
