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

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

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News