Gold has become volatile and currently residing inside the ranges of $1,765 to $1,800 price area. Gold sustains above $1,765 psychological support level. Will the price strike higher 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.
April 28, 2021, | AtoZ Markets – Gold price fall today morning during the Asian session. Gold is currently trading around $1,770 area and trying to recover higher. After rejecting $1,800 to $1,795 key resistance level, the bears have regained momentum and push the price down towards $1,770 to $1,765 area. As per the current price action, the price may find support at the dynamic level of 20 EMA on the daily chart in the days ahead.
Gold Sustains Above as the Bulls Are Still Optimistic
Gold is currently residing near $1,770 area and trying to push upside. However, the price is also facing support at the Bollinger Bands’ lower band on the intraday chart.
Image: Gold 4 Hour Chart
According to the 4-hour chart, Gold sustains above and currently trading around $1,770 area. As per the current price action, if the price can have an impulsive bullish candle close above $1,765 to $1,770 support level, the bulls may regain momentum and push the price higher towards $1,795 to $1,800 key resistance area in the coming days. On the contrary, if the price can break below $1,770 to $1,765 support level with an impulsive bearish candle, the bears may sustain the bearish pressure towards $1,755 to $1,750 area in the process.
In addition, the dynamic level of 20 EMA is currently residing above the price. Along with the Bollinger Bands middle band. So, the dynamic level may act as strong resistance to push the price downside. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the coming days. However, the Bollinger Bands lower band is currently residing below the price, which may work as strong support in the process.
XAU Bulls May Regain Momentum
According to the daily chart, Gold sustains above as the bulls are still optimistic. As per the current price action context, if the price can have an impulsive daily bullish candle close above $1,765 to $1,770 support level, the bulls may push the price upward towards $1,795 to $1,800 area as a first target. The second target will be $1,840 to $1,850 key area if the price can break over $1,795 to $1,800 area in the coming days.
Image: Gold Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price, which may work as strong support to push the price higher. Besides, the MACD lines are currently residing above the 0.00 level and gradually moving upside. It indicates that the bulls are still residing on the market and may strike upward in the days ahead.
To conclude, as long as the price residing over $1,765 to $1,770 support level, the bias will remain bullish. An impulsive daily close is required to identify the definite momentum in the coming days.