Gold Price Analysis: XAU/USD stages a quick comeback, still below $1850
|- XAU/USD confirms symmetrical triangle breakout on the 4H chart.
- Acceptance above 100-SMA is critical to unleashing further upside.
- 200-SMA at $1863 is the next upside target amid bullish RSI.
Gold (XAU/USD) has staged a quick comeback after meeting buyers once again around the $1833 region.
The level is the powerful confluence of the horizontal trendline support and the 200-hourly moving average (HMA).
Therefore, the bulls remain hopeful so long as that level is defended. In case of a failure to do so, the next relevant support is seen at the bullish 100-HMA of $1829.
A sharp sell-off cannot be ruled towards $1800 if the selling pressure intensifies.
While to the upside, the XAU bulls have recaptured the critical hurdle at $1841, which is the convergence of the horizontal 21 and 50-HMAs.
The buyers now aim for the $1850 psychological level once again, above which the multi-day tops of $1856 could be put to test.
The Relative Strength Index (RSI) has turned flat but sustains above the midline, allowing room for additional recovery.
Gold Price Chart: Hourly chart
Gold Additional levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.