Gold Price: XAUUSD Extends to Multi-Year Highs As Downside Correction Stays Limited

XAUUSD Price Analysis – April 15

The XAUUSD exchange rate reached the level of $1,747.72 as of the previous session. The rate flipped south through Wednesday morning as downside correction remains restricted after witnessing early selling today, breaking three straight days of unbeaten run.
Key Levels
Resistance Levels: $1,780, $1,765, $1,747
Support Levels: $1,690, $1,675, $1,640

XAUUSD Long term Trend: Bullish

Gold continues the nightly retracement from multi-year highs and risks dropping from lows to support at the trendline linking. The gold price is currently trading close to $1,724 an ounce, marking a loss of 0.35 percent on the day, despite hitting a $1,747.72 high level in the previous session.

On the lower side, the precious metal may find support from the moving average of 5 placed at $1,700 level. Unless the average support holds steady, we may see a new rebound to levels above $1,720.

XAUUSD Short term Trend: Bullish

Typically at $1,690 level, the metal may fall further to the upward trendline support as the 4-hour chart shows a bearish Doji reversal formation and a bearish divergence of the relative strength index.

The short-term bullish tendency may be invalidated whenever rates managed to post two straight daily exits beneath the $1,703 multi-year highs hit in March. In such a scenario, the pair may proceed to decline to levels of $1,640.00.

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