Gold Price: XAUUSD Pullback From the Recent Top at $1,640 Amid Global Risk-Sentiment

Gold Price: XAUUSD Pullback From the Recent Top at $1,640 Amid Global Risk-Sentiment

XAUUSD Price Analysis – March 25

The risk-off mentality that prevailed in the markets has sparked a rebound in Gold’s price. Gold prolonged his pullback from nearly two-week tops and dropped in the last hour under the $1,600 mark briefly, but bounced back some later.

Key Levels
Resistance Levels: $1,703, $1,675, $1,663
Support Levels: $1,563, $1,550, $1,517

XAUUSD Long term Trend: Bullish

Gold bulls are firmly in control as projected at a very good longer-term horizontal support at $1,445/55 levels after some base building and buying over the resistance as the general bias. As long as XAUUSD stays past the level of $1,600/11, that keeps the trend optimistic as we aim for a break beyond the levels of $1,623/40 to reach the levels of $1,663/75.

Over $1,640 level we look at the levels of $1,663 & $1,675, maybe as much as $1,690 this week. Its initial support is at the level of $1,611/00 but below the level of $1,517 is less optimistic at the level of $1,563/50 & $1,517/04, however it is anticipated that the downside would be restricted.

XAUUSD Short term Trend: Ranging

Gold prices have risen more than 4 percent on the 4-hour time frame as market activity pushed through various levels of resistance. The gains come after the $1,563 major level of resistance was broken very quickly.

Gold levels trade over the $1,600 mark at the time of publishing. We anticipate prices to skyrocket toward the $1,700 handle despite the current uncertainty. Conversely, the downside risk could be seen opening up by a close beneath $1,563 level.

Instrument: XAUUSD
Order: Buy
Entry price: $1,600.00
Stop: $1,563
Target: $1,640

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

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.