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

18 March 2020 | Updated: 18 March 2020

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

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
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.