- Gold prices recede from one-week high but keep Monday’s US-session pullback from $1,779.
- The monthly high holds the key for the metal’s further upside ahead of a two-week-old ascending trend line.
- Bulls cheer MACD conditions, a rising support line from June 15 for immediate optimism.
Gold prices ease from one-week top to near $1,785 amid the early Tuesday morning in Asia. In doing so, the bullion steps back ahead of the monthly top, flashed Wednesday, near $1,789 amid bullish MACD.
Considering the yellow metal’s ability to stay positive since mid-June, as portrayed by an ascending trend line, also trade beyond 200-bar SMA, not to forget MACD signals, buyers are likely to keep the helm.
However, $1,789 horizontal resistance might offer a place to pull back, if at all prices remain firm beyond $1,785. Should the optimists refresh the monthly high, an upward sloping trend line from June 24, currently around $1,795, will become an additional upside barrier ahead of $1,800 threshold.
Meanwhile, the safe-haven asset’s U-turn from the present levels may aim for $1,780 whereas a three-week-old support line, at $1,773 now, could challenge the sellers afterward.
If at all the bears remain dominant past-$1,773, 200-bar SMA level close to $1,737/38 can return to the charts.
Gold four-hour chart
Trend: Bullish
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