Gold Price News and Forecast: XAU/USD probes weekly resistance trendline above $1,700

FXStreet Team FXStreet

Gold drops from fresh weekly top to intraday low around $1,710 amid mixed catalysts

Gold prices seesaw in the last hour, from the fresh weekly top of $1,719.38 to intraday low of $1,709.36, during the early Thursday. While upbeat comments from the PMs of Australia and New Zealand might have escalated the previous day’s risk-on, fears emanating from China and the US seem to check the optimists.

In addition to the Aussie PM Morrison’s signal to ease the lockdown, upbeat preliminary figures of Australian trade data for March might also have contributed positively to the risks. Further, New Zealand PM Jacinda Ardern also said that her government is looking at all options to stimulate the economy.

XAU/USD

Overview
Today last price	1710.78
Today Daily Change	-3.42
Today Daily Change %	-0.20
Today daily open	1714.2

Trends
Daily SMA20	1659.37
Daily SMA50	1621.51
Daily SMA100	1575.95
Daily SMA200	1531.06

Levels
Previous Daily High	1718.74
Previous Daily Low	1680.24
Previous Weekly High	1747.82
Previous Weekly Low	1679.7
Previous Monthly High	1703.27
Previous Monthly Low	1451.3
Daily Fibonacci 38.2%	1704.03
Daily Fibonacci 61.8%	1694.95
Daily Pivot Point S1	1690.05
Daily Pivot Point S2	1665.89
Daily Pivot Point S3	1651.55
Daily Pivot Point R1	1728.55
Daily Pivot Point R2	1742.89
Daily Pivot Point R3	1767.05

Gold Price Analysis: Probes weekly resistance trendline above $1,700

Following its surge from $1,660, Gold stays an inch closer to the weekly resistance trend line while taking rounds to $1,714 amid the early Thursday morning in Asia. Not only a seven-day-old falling trend line but MACD histogram also questions the bullion’s further run-up beyond $1,719 trend line resistance. As a result, sellers will look for entries below the immediate support line, currently around $1,697.50, while targeting to revisit the $1,660 area.

Meanwhile, an upside clearance of $1,719 will have to cross $1,739/40 horizontal area before questioning the mid-month top, also a multi-year high, near $1,748.

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