Gold takes a U-turn after refreshing intraday high. MACD teases bulls as the quote stays above 200-SMA. Seven-week-old horizontal area tests bull’s commitment. Gold trims intraday gains after reversing from $1,749.44, around $1,746 by the press time, amid Wednesday’s Asian session. Although 50% Fibonacci retracement of late February to early March downside clutches the yellow metal, a successful reversal from 200-SMA and MACD divergence in favor of buyers signals the bullion’s further upside. However, a clear break above $1,755-57 area comprising multiple levels marked since February 26 becomes necessary for the precious metal buyers to keep the reins. During the pullback, $1,735 and 38.2% Fibonacci retracement level of $1,730 can entertain short-term sellers ahead of testing them with a 200-SMA level of $1,726. Overall, gold is consolidation early 2021 losses but the recent building of upside momentum gains the market’s attention Gold four-hour chart Trend: Further recovery expected 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 Australia’s Treasurer Frydenberg hails strong consumer confidence FX Street 2 years Gold takes a U-turn after refreshing intraday high. MACD teases bulls as the quote stays above 200-SMA. Seven-week-old horizontal area tests bull's commitment. Gold trims intraday gains after reversing from $1,749.44, around $1,746 by the press time, amid Wednesday's Asian session. Although 50% Fibonacci retracement of late February to early March downside clutches the yellow metal, a successful reversal from 200-SMA and MACD divergence in favor of buyers signals the bullion's further upside. However, a clear break above $1,755-57 area comprising multiple levels marked since February 26 becomes necessary for the precious metal buyers to keep the reins. During the… 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.
