Gold Price: XAUUSD Upside Traction Stays Fragile Around $1,650 Level

XAUUSD Price Analysis – April 8

Gold continued its consolidated volatility through the early North American session and is presently positioned around the $1,650 region in the familiar territory. Notwithstanding troubling reports about the coronavirus outbreak, the precious metal continued with momentum on the upside while staying fragile.

Key Levels
Resistance Levels: $1,703, $1,690, $1,675
Support Levels: $1,600, $1,573, $1,550

XAUUSD long term Trend: Bullish

The XAUUSD had managed to reach the level of $1,675.00 in the previous session. The commodity was trading at the level of $1,650.00 during today’s morning, considering that yellow metal is backed by the steep ascending trendline near the $1,650.00 level, some potential for growth may probably persist in the market.

The exchange rate might in this scenario break the $1,675.00 threshold. On the other hand, within the subsequent trading day, the price of gold may begin to stabilize against the US Dollar.

XAUUSD Short term Trend: Bullish

Considering the strength of the big bullish candle on Monday, while during yesterday’s session, gold registered some sort of near-term retracement,  the breakout sentiment refused to budge on a market correction to the $1,640 level breakout and suggests that this near-term reversal affirms the return of bulls.

Momentum indicators are positively positioned across the market, with RSI supporting the breakout to multi-week peaks, while the moving average of 5 and 13 lines pulls beyond the rising trendline into a positive setup.

Instrument: XAUUSD
Order: Buy
Entry price: $1,640.00
Stop: $1,623.55
Target: $1,663.78

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