Gold Price Analysis: XAU/USD seesaws below $1,800, immediate rising wedge keeps sellers hopeful

Gold picks up bids from the intraday low, stays close to the highest levels since February flashed earlier in Asia.
Bearish chart formation near multi-day top, downbeat MACD signals suggest pullback moves.
One-week-old rising trend line, $1,760 support confluence will test gold bears.

Anil Panchal FXStreet

Gold reverses the latest pullback moves from multi-day top while taking rounds to $1,794 ahead of Thursday’s European session. Even so, the yellow metal stays inside a bearish chart pattern, rising wedge, on the hourly formation.

Not only the bearish formation but the downbeat MACD conditions and the commodity’s indecisive moves around the two-month high also back the odds of the pullback.

However, a clear break of $1,788 becomes necessary to confirm the wedge formation and aim for levels marked during April 14-15 around $1,750-49.

During the fall, a seven-day-old support line and an area comprising 200-HMA, respectively around $1,770 and $1,760, can offer intermediate stops.

Meanwhile, an upside clearance of $1,800 will defy the bearish chart formation, which in turn highlights late February tops near $1,816 on the gold buyer’s radar.

Gold hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1794
Today Daily Change	0.48
Today Daily Change %	0.03%
Today daily open	1793.52

Trends
Daily SMA20	1741.7
Daily SMA50	1749.5
Daily SMA100	1804.55
Daily SMA200	1857.32

Levels
Previous Daily High	1797.71
Previous Daily Low	1776.34
Previous Weekly High	1783.85
Previous Weekly Low	1723.8
Previous Monthly High	1759.98
Previous Monthly Low	1676.87
Daily Fibonacci 38.2%	1789.55
Daily Fibonacci 61.8%	1784.5
Daily Pivot Point S1	1780.67
Daily Pivot Point S2	1767.82
Daily Pivot Point S3	1759.3
Daily Pivot Point R1	1802.04
Daily Pivot Point R2	1810.56
Daily Pivot Point R3	1823.41

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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