Gold Price News and Forecast: XAU/USD rebounds modestly from 12-day lows

FXStreet Team FXStreet

Gold Price Analysis: Hanging Man on D1 suggests buyers stepping back below $1,700

Gold prices register modest gains of 0.15% to $1,689 amid the Asian session on Wednesday. That said, the bullion portrayed “Hanging Man”, a bearish candlestick pattern, on the daily (D1) chart on Tuesday. The candlestick formation shows that the buyers are losing faith in the precious metal and hence gradual declines to 21-day SMA, currently near $1,656 can’t be ruled out.

However, a horizontal area including multiple highs and lows marked from late-March, between $1,645 and $1,640, could challenge the sellers afterward. Meanwhile, an upside daily closing beyond $1,700 will defy the bearish candlestick formation and trigger the recovery towards $1,708 ahead of challenging the monthly top close to $1,748.

Gold rebounds modestly from 12-day lows, goes into consolidation near $1,680

The XAU/USD pair fell to its lowest level since April 9th at $1,661 on Tuesday before staging a technical correction in the US afternoon. As of writing, the pair was trading in a relatively tight range near $1,680, losing 0.9% on a daily basis.

Crude oil crash witnessed at the start of the week with the front-month WTI contracts plunging into negative territory for the first time ever, flight-to-safety, once again, became the main market theme. Global equity indexes came under heavy selling pressure and fueled the demand for the USD with investors looking to cover their losses and close their positions.

XAU/USD

Overview
Today last price	1683.46
Today Daily Change	-2.24
Today Daily Change %	-0.13
Today daily open	1685.7

Trends
Daily SMA20	1655.1
Daily SMA50	1618.6
Daily SMA100	1573.58
Daily SMA200	1529.52

Levels
Previous Daily High	1697.96
Previous Daily Low	1661.18
Previous Weekly High	1747.82
Previous Weekly Low	1679.7
Previous Monthly High	1703.27
Previous Monthly Low	1451.3
Daily Fibonacci 38.2%	1675.23
Daily Fibonacci 61.8%	1683.91
Daily Pivot Point S1	1665.27
Daily Pivot Point S2	1644.83
Daily Pivot Point S3	1628.49
Daily Pivot Point R1	1702.05
Daily Pivot Point R2	1718.39
Daily Pivot Point R3	1738.83

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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