Gold Price Analysis: XAU/USD sellers flirt with $1,800, eye weekly support line

Gold bounces off intraday low, remains weak for the third day.
Two-week-old resistance line guards immediate upside, 100-HMA offers adjacent support.

Anil Panchal FXStreet

Gold struggles to keep $1,800, recently bouncing off 100-HMA, during the early Thursday. Even so, the yellow metal declines for the third consecutive day while following a downward sloping trend line from February 10.

Given the absence of oversold RSI conditions on the hourly (1H) chart, coupled with the sustained trading below the stated resistance line, gold sellers are likely to keep the reins.

As a result, the quote’s downside past-100-HMA level of $1,796 becomes imminent. However, an ascending support line from last Friday, at $1,786 now, can challenge the bullion bears afterward.

On the flip side, a 50-HMA level of $1,805 can offer immediate resistance ahead of the short-term falling trend line, currently around $1,807.

If at all, the gold buyers manage to cross $1,807, they need to refresh the weekly high above $1,816 to direct the bulls to the February 10 high of $1,855.

To sum, gold lacks upside momentum below the key resistance line and hence the latest pullback may keep sellers hopeful.

Gold hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1798.44
Today Daily Change	-4.18
Today Daily Change %	-0.23%
Today daily open	1802.62

Trends
Daily SMA20	1816.68
Daily SMA50	1850.56
Daily SMA100	1861.45
Daily SMA200	1860.09

Levels
Previous Daily High	1813.88
Previous Daily Low	1783.62
Previous Weekly High	1827.11
Previous Weekly Low	1760.72
Previous Monthly High	1959.42
Previous Monthly Low	1802.8
Daily Fibonacci 38.2%	1795.18
Daily Fibonacci 61.8%	1802.32
Daily Pivot Point S1	1786.2
Daily Pivot Point S2	1769.78
Daily Pivot Point S3	1755.94
Daily Pivot Point R1	1816.46
Daily Pivot Point R2	1830.3
Daily Pivot Point R3	1846.72

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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