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Gold Price Analysis: XAU/USD set for a jump above the $1750 level

Gold is bullish consolidation just below $1750 ahead of Powell’s speech. As FXStreet’s Dhwani Mehta notes, the 4H chart suggests that XAU/USD is primed for a falling wedge breakout.

See –  Gold Price Analysis: XAU/USD to move downward as market focuses on higher yields –  OCBC

XAU/USD eyeing a sustained move above $1750 ahead of Powell

“Gold is awaiting Fed Chair Jerome Powell’s speech, due later in the day, for fresh trading impetus. With upbeat US PPI and CPI data, the expectations of higher inflation will continue to support the inflation hedge, gold. Meanwhile, a pause in the use of Johnson & Johnson’s COVID-19 vaccine weighs on the market mood, keeping gold afloat.”

“Gold’s 4-hour chart shows that the price is on the verge of the breakout out of a falling wedge breakout, with a four-hour candlestick closing above the falling trendline resistance at $1748 eyed to confirmed the bullish continuation pattern. The next stop for the XAU bulls is seen at the $1750 psychological level, beyond which the April 8 high at $1759 could be tested.”

Any pullback will see the downward-sloping 21-simple moving average (SMA) at $1741 guarding the downside. Acceptance below the latter could expose the bullish 50-HMA support at $1738.”

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