Gold Price Analysis: XAU/USD bulls await clear break of $1,981

· Reading 282
  • Gold prices struggle to keep recoveries following second failure to cross $1,981.
  • RSI conditions suggest cooling of the bull-run for a while.
  • 100-HMA, weekly ascending trend line offers immediate strong support.

Gold prices recede to $1,968.60 amid the early Asian session on Thursday. The yellow metal recently surged to $1,980.89 but couldn’t refresh the record top of $1,981.34, making a ‘double-top’ around $1,981.

With the RSI conditions challenging further upside, coupled with the strong resistance near $1,981, sellers may sneak in for short-term gains. In doing so, a confluence of 100-HMA and an upward sloping trend line from July 22, close to $1,933/32, becomes important.

If the bears manage to snatch back the rein and dominate below $1,932, the $1,900 threshold and 200-HMA level of $1,886 will be on their radars.

Meanwhile, an upside clearance of $1,981 will quickly renew the north-run targeting $2,000 psychological magnet.

Further, 61.8% Fibonacci retracement of the precious metal’s rally from mid-2001 to late-2011, around $2,077, could lure the optimists afterward.

Gold hourly chart

Gold Price Analysis: XAU/USD bulls await clear break of $1,981

Trend: Pullback expected


Today last price 1969.61
Today Daily Change 11.11
Today Daily Change % 0.57%
Today daily open 1958.5
Daily SMA20 1828.24
Daily SMA50 1771.32
Daily SMA100 1713.87
Daily SMA200 1622.59
Previous Daily High 1981.34
Previous Daily Low 1907.04
Previous Weekly High 1906.68
Previous Weekly Low 1805.86
Previous Monthly High 1785.91
Previous Monthly Low 1670.76
Daily Fibonacci 38.2% 1952.96
Daily Fibonacci 61.8% 1935.42
Daily Pivot Point S1 1916.58
Daily Pivot Point S2 1874.66
Daily Pivot Point S3 1842.28
Daily Pivot Point R1 1990.88
Daily Pivot Point R2 2023.26
Daily Pivot Point R3 2065.18

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