- Gold prices extend recoveries from $1,798.14, defies two-day losing streak.
- A seven-day-old bullish technical pattern, sustained trading beyond immediate support favor the buyers.
- 200-HMA offers additional downside support, bulls will cheer break of $1,811.60.
Gold prices print mild gains of 0.12% while taking the bids near $1,801.30 during the initial hour of Tokyo open on Monday. The yellow metal portrays a bullish flag on the hourly chart while keeping its trading momentum beyond a seven-day-old support line and 200-HMA.
Considering the bullion’s repeated bounces off near-term key supports, coupled with the MACD conditions, buyers may aim for $1,805 as an immediate resistance ahead of confirming its further run-up. In doing so, $1,811.60 holds the key to challenging the recent high, also the highest since late-2011, around $1,818.20.
It’s worth mentioning that the late-August 2011 tops near $1,840 might offer intermediate halts during the precious metal’s rise to the record high above $1921.
Alternatively, an upward sloping trend line from July 02, at $1,795.90 now, can become immediate support ahead of the said flag’s lower line near $1,792.30.
If at all the sellers defy the bullish formation, a 200-HMA level of $1,788 will validate the quote’s further weakness.
Gold hourly chart
Trend: Bullish
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD stays firm near 0.6300 amid modest risk appetite
AUD/USD is posting small gains near 0.6300 in early Asian trades on Monday, opening the week on the front foot. Risk sentiment remains in a sweeter spot following the weekend's news of lower US tariffs on Chinese electronic supply chain. Tariffs talks will remain on the radar.
USD/JPY rises above 143.50 at the weekly opening
USD/JPY is trading well bid above 143.50 amid a positive start to the Holy Friday week. The US Dollar holds the rebound from multi-year troughs, digesting Trump's tariff news from the weekend. The Fed-BoJ policy divergence expectations will keep the Japanese Yen supported, limiting the pair's upside.
Gold retreats from record highs of $3,245 as US Dollar finds its feet
Gold is rereating from record highs of $3,245 early Monday, extending Friday's late pullback. Reducded demand for safe-havens and a broad US Dollar rebound undermine the yellow metal amid the news of not-so-steep US tariffs on China's semiconductors and electronics.
Week ahead: ECB set to cut, BoC might pause as Trump U-turns on tariffs
ECB is expected to trim rates, but the BoC might pause this time. CPI data also in the spotlight; due in UK, Canada, New Zealand and Japan. Retail sales the main release in the United States. China GDP eyed as Beijing not spared by Trump.
Is a recession looming?
Wall Street skyrockets after Trump announces tariff delay. But gains remain limited as Trade War with China continues. Recession odds have eased, but investors remain fearful. The worst may not be over, deeper market wounds still possible.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.