Gold has become quite volatile and corrective, but bulls are still optimistic. Gold sustained the price above the psychological level $1765 area. Will XAU recover further? What are the charts and technical indicators are saying? Read more to find further insights into today’s XAU/USD Technical Analysis.
June 30, 2020, | AtoZ Markets – XAU is currently residing near $1775 area and trying to recover higher. After breaking above $1765 area, Gold sustained the price above it with a daily close. As per the current scenario, Gold needs to break the correction face to find the definite momentum in the coming days.
Gold rose today during the Asian session and reached the highest level since January 2010. XAU took advantage of the new Coonavirus wave that hit the U.S. and China again. According to the Johns Hopkins University reports, there are more than 10.2 million COVID-19 cases globally until today. Moreover, the World Health Organization also warned that the world might see the worst pandemic situation odd to a deficiency of global collaboration.
Gold Sustained Higher as the COVID-19 Pandemic Hit the Global Economy Again
Gold is currently residing near $1775 area and trying to strike higher. After reaching near $1800 area, the bears push the price down but failed to sustain the bearish momentum and bulls took the control again.
Image: Gold 4 Hour Chart
According to the 4-hour chart, Gold sustained above $1765 area and became quite volatile. As per the current price action, if the price can break above the correction and have a bullish 4-hour candle close, the bulls may push the price higher towards $1780 area. Alternatively, if the price breaks below the correction face with a bearish close, the bears may push the price down toward $1765 support again.
Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. The dynamic level of 20 EMA may work as strong support to push the price upward. The Kijun line and the Tenkan line may work as a confluence of the dynamic level. Besides, the MACD lines are currently residing above the 0.00 level, which indicated that bulls are still holding the momentum.
XAU to Reach $1800 Area?
According to the daily chart, Gold is currently trading around $1775 area while sustained the price above $1765 support level. As per the current price action, if the price can break above the last candle’s high and have a daily impulsive bullish close, the bulls may push the price upside towards $1800 in the coming days.
Image: Gold Daily Chart
In addition, the dynamic level of 20 EMA is currently residing far below from the price. It may pull the price back to the Mean shortly. Also, the RSI line is currently residing below the overbought level 70 and gradually rising upward. It indicates that bulls are optimistic about climbing further.
To conclude, Gold has gained a massive amount of pips and reached a record high since January 2010. Gold bulls are still optimistic may sustain the bullish trend further in the coming days.