Gold Price: Looking for Direction After Pullbacks, Rebound on the Level at $1,486

XAUUSD Price Analysis – March 18

Currently, Gold trades at $1,503 level per Oz, as at the time of writing, setting a session high of $1,546.42 level a few hours ago. The yellow metal has so far traded further within the $1,554 to $1,465 price range of the previous day. Despite the declines in US stock futures, the yellow metal has pulled back from session highs.

Key Levels
Resistance Levels: $1,640, $1,600, $1,550
Support Levels: $1,486, $1,445, $1,425

XAUUSD Long term Trend: Bearish

The RSI oscillator reflects on the broader structure that the yellow metal is moving in a corrective sequence and may establish a new bearish movement. A sell-side position would trigger if the price closes below the $1,504.78 level per ounce.

In our optimistic forecast, we predict a potential price goal of $1,486.78 level per ounce and Gold could drop to $1,455.70 level if the bearish sentiment gathers traction, and even fall to $1,425.73 level per ounce.

XAUUSD Short term Trend: Bearish

In the previous session, the exchange rate of XAUUSD increased to level $1,550.00. The pair fell to the near-term horizontal support zone at $1,486.78 level during today’s morning. If the retracement holds, some upside potential would likely prevail. In this case, the pair may have to surpass the level of upper horizontal resistance at $1,550.00 near term.

On the other hand, the yellow metal may probably stay near $1,517.97 level under pressure from the moving averages. In this scenario, gold might in the short term trade sideways against the US dollar.

Instrument: XAUUSD
Order: Sell
Entry price: $1,517.97
Stop: $1,550
Target: $1,486.78

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