Gold Price News and Forecast: XAU/USD bulls take back control to target $1,760 resistance


Gold Price Analysis: XAU/USD stays on the front-foot towards $1,750 amid mixed clues

Gold prices extend the early-week recovery while picking up bids around $1,739 amid the initial Asian session on Wednesday. In doing so, the yellow metal stretches the bounce off the lowest since June 2020 to the weekly high near $1,740 before recently catching a breather. Cautious sentiment ahead of the key data/events, lack of major catalysts keeps traders guessing.

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XAG/USD

Overview
Today last price 26.71
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 26.71
 
Trends
Daily SMA20 27.16
Daily SMA50 26.5
Daily SMA100 25.39
Daily SMA200 24.03
 
Levels
Previous Daily High 26.9
Previous Daily Low 25.85
Previous Weekly High 28.33
Previous Weekly Low 26.14
Previous Monthly High 30.07
Previous Monthly Low 25.9
Daily Fibonacci 38.2% 26.5
Daily Fibonacci 61.8% 26.25
Daily Pivot Point S1 26.07
Daily Pivot Point S2 25.43
Daily Pivot Point S3 25.02
Daily Pivot Point R1 27.12
Daily Pivot Point R2 27.54
Daily Pivot Point R3 28.18

 

Gold Price Analysis: Bulls take control to $1,760 to complete bearish 4-hour W-formation

Gold bulls take back control to target $1,760 resistance. 4-hour W-formation in the makings which is a bearish pattern, $1,700 to come under pressure. As per the prior analysis, Gold Price Analysis: Bears testing the commitments of the bulls, where the downside was projected to terminate in the low $1,700s, the price has indeed corrected from $1,707.33 and moved in for a higher correction.  

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