Gold Remains Over $1,750 Support Level – Bulls to Regain Momentum?


Gold bears have regained momentum after rejecting $1,800 to $1,790 resistance area. Gold remains over $1,750 psychological support level. The bulls to regain momentum in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s XAU/USD Technical Analysis. 

June 30, 2021, | AtoZ Markets – Gold price declined today morning during the Asian session against the U.S. Dollar. XAU/USD is currently trading around $1,755  price area and trying to push downside. After an extended period of volatility, the bears have successfully regained momentum and pushed the price down towards $1,760 to $1,750 price area. As per the current price action context, the price may face strong support around $1,750 to $1,760 price area in the days ahead.

Gold Remains Over as the Support Level Working Strongly

Gold is currently residing near $1,755 price area and trying to push lower. However, the price is still residing inside the ranges of $1,800 to $1,750 price area.

Gold Remains

Image: Gold 4 Hour Chart

According to the 4-hour chart, Gold remains over and currently trading around $1,755 price area. As per the current scenario, if the price can have an impulsive bearish candle close below $1,750 to $1,760 price area, the bears may sustain the bearish pressure towards $1,730 to $1,720 price area in the coming days. On the contrary, if the price bounced upside from $1,750 to $1,760 support level with an impulsive bullish candle, the bulls may regain momentum and push the price higher towards $1,790 to $1,800 price area in the days ahead.

Moreover, the dynamic level of 20 EMA is currently residing above the price, which may work as strong resistance to push the price downside. However, the bulls may regain momentum if the price can break above the dynamic level in the coming days. Along with this, the MACD lines are currently residing below the 0.00 level and gradually moving upside. It indicates that the bulls may regain momentum in the process.

XAU May Strike Higher

According to the daily chart, Gold remains over as the bulls are still residing on the market. As per the current price action, if the price bounced upside from $1,750 to $1,760 support level with an impulsive daily bullish candle, the bulls may regain momentum and push the price higher towards $1,790 to $1,800 price area as a first target. The second target will be $1,840 to $1,850 price area if the price can break above $1,790 to $1,800 resistance area in the coming days. On the other hand, if the price can break below $1,760 to $1,750 support level with a daily bearish candle, the bears may push the price down towards $1,690 to $1,680 price area in the process.

Gold Remains

Image: Gold Daily Chart

In addition, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may pull the price upside as a mean reversion. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the days ahead.

To conclude, as long as the price residing over $1,750 to $1,760 support area, there is a high chance that the bulls may regain momentum. An impulsive daily close will help to identify the definite momentum in the coming days. 

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