Gold Price: After Downswings, XAUUSD Reclaims $1,700 Level As Safe-Haven Status Attracts Investors

Gold Price: After Downswings, XAUUSD Reclaims $1,700 Level As Safe-Haven Status Attracts Investors

XAUUSD Price Analysis – April 22

After trading below levels before Wednesday a few days ago, the price of gold regained $1,700 mark as global stocks are on the defensive. The appeal of the safe-haven of the precious metal attract investors and has risen amid the coronaviral global recession, but is far from a unilateral path.

Key Levels
Resistance Levels: $1,780, $1,765, $1,747
Support Levels: $1,690, $1,675, $1,640

XAUUSD Long term Trend: Bullish

As is seen daily, after the new multi-year high at $1,747,22 level, the price has been pushing positive, continuously refusing to allow a strong break beneath the initial support level of $1,675 (23.6 percent at $1,455/$1,747 levels).

Closely beyond the level breached today, the price action needs to deliver a bullish signal for a further rebound of $1,690/$1,703 (psychological zone of MA 5). The overall context is bullish, as the steady bullish trend has been on the upward path since 2015 as observed in the past almost two years.

XAUUSD Short term Trend: Bullish

The precious metal has regained positive momentum after a brief consolidation in Asia into European session and has been based on the recent rebound from a region of $1,663.78 or close to two-week lows.

It would be smart to wait until traders start to position themselves for a further, anticipated push in the near term, and probably return to the $1,719-47 range.

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.