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XAUUSD Price Analysis – February 25
Gold (XAUUSD) continues to struggle to stay afloat selling pressure within a confined range below the $1800 level through the mid-European session. The XAUUSD pair altered south in the early trading hours of Thursday and dropped to a low of $1787. A modest pickup in the US Treasury bond yields collaborated to cap the non-yielding yellow metal.
Key Levels
Resistance Levels: $2015.00, $1959.40, $1875.73
Support Levels: $1760.75, $1670.00, $1572.82
XAUUSD Long term Trend: Ranging
After closing the prior day past the $1800 level, the bears retain control amid a technical break to the downside at the day’s start. The price of Gold confirmed a breakdown towards the ascending trendline support while trading at lows of 1787 level.
The bearish break calls for a retest of the prior day’s low at the $1783 level, below which the measured target of the horizontal support at $1760 could be challenged at the ascending trendline zone. The downside bias also got additional credence after the price breached the MA 5 around $1795, where the moving averages 5 and 13 converge.
XAUUSD Short term Trend: Bearish
From a technical perspective, the commodity has been oscillating beneath its downside channel beneath horizontal resistance at $1875 as seen in the lower time frame. With the latest decline, the Relative Strength Index on the four-hour chart dropped below its midline at 50, suggesting that the bearish momentum is building up in the near-term.
On the downside, the initial support is located at $1760, where the 38.2% retracement of the prior week’s low is registered. If a four-hour candle manages to close below that level, XAUUSD could extend its slide to the next level (23.6% retracement) around $1700 marks.
Note: Learn2.trade 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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