Gold prices carry the bounce off 200-bar SMA. A short-term descending trend line from late-February portrays bullish chart formation. An upside break will escalate recovery moves beyond the $1,700 mark. Despite repeated failures to take-out a short-term resistance trend line, Gold prices remain 0.07% positive while taking rounds to $1,640 during the pre-European session on Thursday. That said, the yellow metal is forming an inverse head-and-shoulder bullish pattern on the four-hour (H4) chart that needs confirmation with a break of the neckline, currently at $1,651. In doing so, the bullion is theoretically capable of targeting $1,750. However, it’s expected to take a rest near the latest high of $1,690 before rising further. On the downside, 50% and 61.8% Fibonacci retracement of the bullion’s February month rise, around $1,618 and $1,602 respectively, will offer intermediate supports during the U-turn. Additionally, 200-bar SMA near $1,592 and February-end bottom near $1,563 will be tough nuts to crack for the sellers past-$1,602. Gold four-hour chart Trend: Bullish FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Euro Area Macro Monitor: Calm before the storm – Danske Bank FX Street 3 years Gold prices carry the bounce off 200-bar SMA. A short-term descending trend line from late-February portrays bullish chart formation. An upside break will escalate recovery moves beyond the $1,700 mark. Despite repeated failures to take-out a short-term resistance trend line, Gold prices remain 0.07% positive while taking rounds to $1,640 during the pre-European session on Thursday. That said, the yellow metal is forming an inverse head-and-shoulder bullish pattern on the four-hour (H4) chart that needs confirmation with a break of the neckline, currently at $1,651. In doing so, the bullion is theoretically capable of targeting $1,750. However, it’s expected to… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.