- Gold refreshes intraday day while snapping two-day downtrend with mild gains.
- Monthly support line, 50-SMA restrict immediate downside ahead of early month top.
- Bulls need a clear break above $1,800 to retake controls.
Gold buyers attack $1,780, up 0.09% intraday, during early Monday. In doing so, the yellow metal part ways from the previous two days’ downbeat performance.
Although bearish MACD and failures to regain $1,800 keep gold sellers hopeful, 50-SMA and an upward sloping support line from March 31, near $1,772-73 defends the bulls.
Hence, the latest run-up could again challenge the $1,798 horizontal resistance, ahead of meeting the $1,800 hurdle.
If the bullion prices remain strong beyond $1,800, late February top near $1,816 should return to the charts.
On the flip side, a clear break below $1,772 will direct gold sellers towards the April 08 high near $1,758. However, a 200-SMA level of $1,740.30 could test the bears afterward.
Overall, gold remains on the upward trajectory despite the last week’s pullback moves.
Gold four-hour chart
Trend: Bullish
Share
