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.
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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.
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