Gold Strikes Over $1,800 Price Area – Will Continue Upside?


Gold bulls have regained momentum after bouncing from $1,750 to $1,760 price area. Gold strikes over $1,800 significant price area. Will the price continue further upside 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. 

July 7, 2021, | AtoZ Markets – Gold price climbed today morning during the Asian session against the U.S. Dollar. Gold is currently trading around $1,807 price area and trying to recover further. After bouncing from $1,750 to $1,760 support level, the bulls pushed the price upside impulsively and broke over $1,790 to $1,800 psychological resistance level. As per the current price action, the price may face strong resistance around $1,815 to $1,820 price area in the coming days.

Gold Strikes Over as the Investors Are Optimistic

XAU is currently residing near $1,807 price area and trying to climb further upward. However, the price also broke above the dynamic level of 20 EMA on the daily chart.

Gold Strikes

Image: Gold 4 Hour Chart

According to the 4-hour chart, Gold strikes over and currently trading around $1,807 price area. As per the current price action, the price may recover higher towards $1,815 to $1,820 price area. So, if the price can break above $1,815 to $1,820 price area with an impulsive bullish candle, the bulls may continue the bullish pressure towards $1,840 to $1,850 price area in the coming days. On the contrary, if the price rejects $1,820 to $1,815 price area with a bearish candle, the bears may regain momentum and push the price down towards $1,800 to $1,790 price area again in the days ahead.

In addition, the dynamic level of 20 EMA is currently residing below the price, which has already worked as strong support. Moreover, the MACD lines are currently residing above the 0.00 level and may have a bearish crossover. It indicates that the bears may regain momentum in the process.

XAU Bears Are Still Residing On the Market

According to the daily chart, Gold strikes over and currently trading around $1,807 price area. As per the current scenario, if the price climbs upside and breaks above $1,815 to $1,820 price area, the price may recover upward towards $1,840 to $1,850 price area in the process. On the other hand, if the price rejects $1,820 to $1,815 price area with a daily bearish candle, the bears may regain momentum and push the price down towards $1,800 to $1,790 price area as a first target. The second target will be $1,760 to $1,750 price area if the price can break below $1,800 to $1,790 support level in the coming days.

Gold Strikes

Image: Gold Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Bollinger Bands middle band. So, the dynamic level may work as strong support if the price can break above $1,815 to $1,820 resistance area in the days ahead. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the process.

To conclude, as long as the price residing over $1,790 to $1,800 support level, there is a high chance that Gold may continue the bullish trend further. An impulsive daily close will help to identify the definite momentum in the coming days. 

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