Gold Price: Retreats From Recent High as Sideways Trading Continue Around $1,623 Level

XAUUSD Price Analysis – March 27

Gold is currently priced at $1,623 level an ounce, which reflects a 0.30 percent fall on a day-to-day basis. Following declines, gold remains stuck within the trading range of successive daily candles with long wicks and small bodies established in previous sessions.

Key Levels
Resistance Levels: $1,703, $1,675, $1,640
Support Levels: $1,600, $1,550, $1,517

XAUUSD Long term Trend: Bullish

Gold price initially fell to the $1,614 level near the resistance turned support level at $1,611 before rebounding marginally higher. With the current growth in motion, there is potential for a push to the resistance level of $1,640 and beyond.

We thus foresee gold prices to stay within the range of $1,640 and $1,611 levels, whereas in the likelihood of a break-out of $1,640 level, we foresee a push back to $1,700 level.

XAUUSD Short term Trend: Ranging

As per the RSI, the positive trend may lead to more increases in the short term as the indicator gains momentum near its overbought region. To the upward, as price attempts to extend beyond recent highs, the next peak could come from the previous high at a level of $1,640.

Unless the market succeeds to surpass that region, traders may seek resistance at a level of $1,675 until bullish activity drives the price up to a seven-year high of $1,703.00 level. Even so, a downward shift may halt at the near-term support level of $1,600, which corresponds with the horizontal line.

Instrument: XAUUSD
Order: Buy
Entry price: $1,623.00
Stop: $1,600
Target: $1,640

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