Gold Price Analysis: XAU/USD sellers keep lurking around $1,780

Gold prices stay pressured within a choppy range between $1,774 and $1,778.
The monthly support line keeps buyers hopeful unless the quote breaks the monthly support line.
The early-June tops could lure the bears during fresh downside, buyers may aim to refresh the year 2012 top.

Gold prices remain lackluster below $1,780, currently around $1,776.44, during the early Friday’s Asian session. The bullion flashed a positive closing the previous day but couldn’t cross the one-week-old horizontal resistance. Though, the monthly support line continues to stop bears’ entry.

As a result, the buyers will look for a clear break above $1,780 to challenge the recent tops surrounding $1,789/90. However, the year 2012 top near $1,795/96 and $1,800 threshold can offer additional upside barriers afterward.

In a case where the precious metal stays strong beyond $1,800, it’s rise towards November 2011 and August 2011 peaks, respectively around $1,803 and $1,815, can’t be ruled out.

Meanwhile, a downside break of the monthly support line, currently near $1,770, could drag the quote towards June 11 high close to $1,745.

Should the bears remain dominant past-$1,745, they will keenly seek a break below $1,700 mark to recall the June month low near $1,670.

Gold four-hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1776.2
Today Daily Change	5.80
Today Daily Change %	0.33%
Today daily open	1770.4

Trends
Daily SMA20	1739.91
Daily SMA50	1726.66
Daily SMA100	1674.09
Daily SMA200	1590.54

Levels
Previous Daily High	1789.28
Previous Daily Low	1759.26
Previous Weekly High	1779.41
Previous Weekly Low	1742.97
Previous Monthly High	1785.91
Previous Monthly Low	1670.76
Daily Fibonacci 38.2%	1770.73
Daily Fibonacci 61.8%	1777.81
Daily Pivot Point S1	1756.68
Daily Pivot Point S2	1742.96
Daily Pivot Point S3	1726.66
Daily Pivot Point R1	1786.7
Daily Pivot Point R2	1803
Daily Pivot Point R3	1816.72

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