Gold Price Analysis: XAU/USD sellers eye $1,905 support confluence

Gold prices fail to keep early Asia’s corrective pullback.
10-day SMA, five-week-old ascending trend line lure short-term sellers.
Bulls need to cross a downward sloping trend line from mid-September for fresh entries.

Anil Panchal FXStreet

Having flashed biggest losses in over a month, gold fails to consolidate as it drops to $1,917.75, down 0.08% intraday, during early Thursday. The yellow metal took a U-turn from a short-term falling resistance line the previous day and hence the sellers are looking for further favors.

As a result, a confluence of 10-day SMA and an ascending trend line from December 01, 2020, around $1,905, gains the market attention amid normal RSI conditions.

It should, however, be noted that any further downside past-$1,905 will need validation from the $1,900 round-figure to revisit the early-December top surrounding $1,875.

Meanwhile, the $1,950 can test the immediate recovery moves, if any, ahead of the stated resistance line near $1,958. Also acting as an upside barrier is the November top around $1,965.

Overall, gold prices are gradually recovery but the recent pullback from the key resistance, amid normal RSI conditions, favors short-term declines.

Gold daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1916.9
Today Daily Change	-1.46
Today Daily Change %	-0.08%
Today daily open	1918.36

Trends
Daily SMA20	1880.66
Daily SMA50	1868.64
Daily SMA100	1893.55
Daily SMA200	1836.52

Levels
Previous Daily High	1959.42
Previous Daily Low	1900.9
Previous Weekly High	1901.02
Previous Weekly Low	1869.32
Previous Monthly High	1906.87
Previous Monthly Low	1775.52
Daily Fibonacci 38.2%	1923.25
Daily Fibonacci 61.8%	1937.07
Daily Pivot Point S1	1893.03
Daily Pivot Point S2	1867.71
Daily Pivot Point S3	1834.51
Daily Pivot Point R1	1951.55
Daily Pivot Point R2	1984.75
Daily Pivot Point R3	2010.07

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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