Gold Price: XAUUSD Reverses From Its Recent Lows Around the Level at $1,573.05

XAUUSD Price Analysis – April 1

Gold price is trading 0.70% higher against the USD from yesterday’s close. The precious metal quickly reversed an early Asian session dip to levels around $1,573.05 region, and rather caught some fresh bids while recovering a part of the prior session’s sharp slide amid reviving safe-haven demand.

Key Levels
Resistance Levels: $1,703, $1,663, $1,623
Support Levels: $1,563, $1,537, $1,517

XAUUSD Long term Trend: Ranging

The XAUUSD exchange rate declined in the previous session toward the moving average of 13 close to $1,573.00 level. The level reversed North from the provided support as of early Wednesday. On the other hand, the price of gold may potentially rebound from the recent decline. In this scenario, the exchange rate may have to exceed the moving average of 5 above the $1,611.49 level.

Unless the resistance offered stays, though, it’s probable the precious metal may stabilize in the short run against the US dollar. It’s also probable that bears may dominate, and the price may plunge beneath the $1,550.00 key support level.

XAUUSD Short term Trend: Ranging

Gold has rallied from the support at $1,573.05 levels on the 4-hour time frame but continues to stay between the 5 and 13 moving averages. Minor resistance at $1,600 level limits its short-term advance and offers a selling potential with stops past $1,600 level. A  significant break higher may hit the $1,611/23 region levels.

On the other hand, there might be a resurgent bearish trend, and the pair is expected to find support at a level of $1,550.00, and a fall through could take it to the next support level of $1537.40.

Instrument: XAUUSD
Order: Buy
Entry price: $1,575
Stop: $1,563
Target: $1,611

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