Gold Price: XAUUSD Cracks $1,700 Level for 3 Days in a Row, Retains a Bullish Bias

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XAUUSD Price Analysis – May 6

Gold keeps breaking the level of $1,700 for 3 days in a row, marking a decline of 0.27 percent on the day, having achieved a $1,708 high earlier this morning. All that being said, the precious metal also is shifting between the triangle formation and trendline of three weeks. Thus far, being a safe-haven, Gold continues to benefit from recent developments in the anti-risk economy.

Key Levels
Resistance Levels: $1,780, $1,765, $1,747
Support Levels: $1,690, $1,663, $1,623

XAUUSD Long term Trend: Bullish

Specifically, as per the daily chart the commodity is stuck in a shrinking price range of three weeks. A range breakout is likely to encourage more chart-driven traction leading to an April Highs re-test near $1,747 level. A breakup of the range may suggest a bullish-to-bearish pattern reversal on the flip side.

As a result, once the Gold price slip beneath $1,700 round number, sellers may approach the weekly low around $1,690 level. Support for the trend near $1,675 level, nevertheless, may restrict the further downside of the precious metal.

XAUUSD Short term Trend: Bullish

Conversely, on the 4-hour chart, a continuous upward breach past the resistance of the triangle at a level of $1,719 may initiate the rebound of the yellow metal to the upside horizontal resistance line from April 14 that currently stays around $1,747 level.

If bears prevail past $1,675 level, the upward trendline alignment of the horizontal support line will be on their radars, and 61.8 percent upward from March 31 to April 14, accordingly, between $1,663 and $1,640 levels.

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